APRIL 01, 2021 12:51 PM (EDT)
AM Best Places Credit Ratings of Allstate Life Insurance Company of New York and Intramerica Life Insurance Company Under Review
|Kate Steffanelli |
Senior Financial Analyst
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Manager, Public Relations
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FOR IMMEDIATE RELEASE
OLDWICK - APRIL 01, 2021 12:51 PM (EDT)
AM 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 Allstate Life Insurance Company of New York (Allstate Life NY) (Hauppauge, NY). Concurrently, AM Best has also placed under review with positive implications the FSR of B++ (Good) and the Long-Term ICR of “bbb+” of Intramerica Life Insurance Company (Intramerica) (Hauppauge, NY).
These Credit Rating (rating) actions follow the recent announcement that Wilton Reassurance Company has entered into an agreement to acquire Allstate Life of NY and Intramerica for $220 million. The transaction is expected to close in the second half of 2021, subject to regulatory approval and other closing conditions. The positive implications reflect the financial strength of Wilton Reassurance Company and its subsidiaries, which maintain an FSR of A+ (Superior) and a Long-Term ICR of “aa-” with a stable outlook as of their last annual rating, which was completed in July 2020.
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 Guide to 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 credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.