Press Release - JULY 31, 2019

AM Best Places Credit Ratings of United Life Insurance Company Under Review With Negative Implications


CONTACTS:
 Erik Miller
Associate Director
+1 908 439 2200, ext. 5187
erik.miller@ambest.com

Anthony McSwieney
Senior Financial Analyst
+1 908 439 2200, ext. 5715
anthony.mcswieney@ambest.com
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

FOR IMMEDIATE RELEASE

OLDWICK - JULY 31, 2019
AM Best has placed under review with negative implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of United Life Insurance Company (ULIC) (Cedar Rapids, IA).

The Credit Rating (rating) actions follow the recent announcement that ULIC’s affiliate, Guaranty Income Life Insurance Company (GILIC), has entered into a definitive agreement to acquire Lincoln Benefit Life Company and its affiliates (collectively referred to as LBL). ULIC and GILIC are wholly owned subsidiaries of Kuvare US Holdings, Inc. (Kuvare). The transaction is expected to close by year-end 2019, and is subject to regulatory approval, after which point LBL will be a subsidiary of GILIC. While Kuvare anticipates operational and capital synergies for both entities on a post-acquisition basis, LBL is larger than GILIC and ULIC and AM Best will evaluate the impact on the consolidated balance sheets of the three companies. AM Best will continue to monitor the progress of the acquisition and will take further rating action as more information develops.

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.

AM Best is a global rating agency and information provider with a unique focus on the insurance industry.


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