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FOR IMMEDIATE RELEASE
OLDWICK - JANUARY 10, 2019 02:06 PM (EST)
AM Best has assigned a Financial Strength Rating of A+ (Superior) and a Long-Term Issuer Credit Rating of “aa” to London Life and General Reinsurance Designated Activity Company (LLGR) (Dublin, Ireland). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect LLGR’s balance sheet strength, which AM Best categorizes as strongest, as well as its strong operating performance, very favorable business profile and appropriate enterprise risk management. LLGR’s ratings benefit from the support of its parent, The Great-West Life Assurance Company.
LLGR operates as a reinsurer owned by Great-West Lifeco, Inc. (Lifeco). In December 2018, Canada Life International Re Designated Activity Company (Dublin, Ireland) transferred its reinsurance business to LLGR via portfolio transfer. LLGR has a composite license that enables it to write life and non-life business with new business supported by a substantial balance sheet. The ratings reflect AM Best’s view of the strategic importance of the reinsurance entities to Lifeco’s current and future operations, as it continues to contribute a greater portion of the company’s overall earnings.
AM Best also has withdrawn the ratings of Canada Life International Re Designated Activity Company, and a final rating has not been completed as the insurance liabilities of this entity has been merged into LLGR.
This press release relates to Credit Ratings that have been published on AM 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 AM 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 AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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