JUNE 20, 2013 12:00 AM (EDT)
A.M. Best Withdraws Ratings of Westport Life Insurance Company
Senior Financial Analyst
(908) 439-2200, ext. 5715
Assistant Vice President
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Senior Manager, Public Relations
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Assistant Vice President, Public Relations
(908) 439-2200, ext. 5644
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A.M. Best Co. has withdrawn the financial strength rating of B+ (Good) and the issuer credit rating of bbb- of Westport Life Insurance Company (Westport) (Phoenix, AZ).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 Westports ratings is due to the revised business strategy of Individual Assurance Company, Life, Health and Accident (IAC) following Plateau Insurance Companys (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 Bests Credit Rating Methodology, which provides a comprehensive explanation of A.M. Bests rating process and contains the different rating criteria employed in the rating process. Bests Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
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