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FOR IMMEDIATE RELEASE
OLDWICK - SEPTEMBER 18, 2018 04:31 PM (EDT)
A.M. Best has placed under review with positive implications the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” of Gerber Life Insurance Company (Gerber Life) (White Plains, NY), following an announcement of its sale to Western & Southern Financial Group, Inc. (WSFG).
Gerber Life is a wholly owned subsidiary of Nestlé Insurance Holdings, Inc., which is a unit of Nestlé, S.A., a food and beverage conglomerate with operations in almost every country in the world.
The under review with positive implications status of Gerber Life’s Credit Ratings (ratings) is reflective of the financial and operational benefits that both companies should derive from being acquired by a large, higher-rated organization. WSFG is adding a highly recognized and trusted brand to its business portfolio that should continue to expand operations, and result in a moderate increase to its business profile. Therefore, A.M. Best believes that WSFG will more supportive of Gerber Life’s business, as it likely will represent a more strategic fit for Gerber Life versus the current one with its existing parent. The ratings of Gerber Life will remain under review until the close of the transaction and a review by A.M. Best of the post-transaction details.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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