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JUNE 20, 2013 12:00 AM (EDT) A.M. Best Withdraws Ratings of Westport Life Insurance Company
CONTACTS: | |
Anthony McSwieney
Senior Financial Analyst
(908) 439-2200, ext. 5715
anthony.mcswieney@ambest.com
William Pargeans
Assistant Vice President
(908) 439-2200, ext. 5359
william.pargeans@ambest.com |
Rachelle Morrow
Senior Manager, Public Relations
(908) 439-2200, ext. 5378
rachelle.morrow@ambest.com
Jim Peavy
Assistant Vice President, Public Relations
(908) 439-2200, ext. 5644
james.peavy@ambest.com
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FOR IMMEDIATE RELEASE OLDWICK, N.J. - JUNE 20, 2013 12:00 AM (EDT)
A.M. Best Co. has withdrawn the financial strength rating of B+ (Good) and the issuer credit rating of “bbb-” of Westport Life Insurance Company (Westport) (Phoenix, AZ).
The withdrawal of Westport’s ratings is due to the revised business strategy of Individual Assurance Company, Life, Health and Accident (IAC) following Plateau Insurance Company’s (Plateau) pending acquisition of Westport. Plateau will purchase Westport to acquire its license as an Arizona life and disability reinsurance company, authorized to do business in Arizona. Westport has discontinued its operations under the current owner, IAC.
The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source.
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