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FOR IMMEDIATE RELEASE
OLDWICK - JULY 31, 2019 04:06 PM (EDT)
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.
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