SEPTEMBER 25, 2020 04:06 PM (EDT)

AM Best Removes From Under Review With Positive Implications and Upgrades ICR of Standard Life and Casualty Insurance Company


CONTACTS:
 Kevin Varvaro
Financial Analyst
+1 908 439 2200, ext. 5487
kevin.varvaro@ambest.com

Thomas Rosendale
Senior Director
+1 908 439 2200, ext. 5201
thomas.rosendale@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 - SEPTEMBER 25, 2020 04:06 PM (EDT)
AM Best has removed from under review with positive implications and upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bb+” from “bb” and affirmed the Financial Strength Rating of B (Fair) of Standard Life and Casualty Insurance Company (Standard Life and Casualty) (Salt Lake City, UT). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect Standard Life and Casualty’s balance sheet strength, which AM Best categorizes as adequate, as well as its marginal operating performance, limited business profile and marginal enterprise risk management. The ratings also reflect the implicit support of Standard Life and Casualty by its acquirer, Western United Life Assurance Company, a member of the Manhattan Insurance Group.

The upgrade of Standard Life and Casualty’s Long-Term ICR is a reflection of the implicit support provided by its new parent. Manhattan Insurance Group has maintained a long and successful history of acquisitions that have been integrated into the group including Western United Life Assurance Company in 2013. AM Best expects that Standard Life and Casualty also will be integrated quickly with group operations over the near term, realizing synergies in the process and benefiting from the resources provided by the group.

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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.


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