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FOR IMMEDIATE RELEASE
OLDWICK - DECEMBER 16, 2016 12:46 PM (EST)
A.M. Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” of Colorado Bankers Life Insurance Company (CBL) (Durham, NC). CBL, through an intermediate holding company structure, is ultimately owned by Greg E. Lindberg and managed by Global Bankers Insurance Group (GBIG). GBIG will operate as the management company for all insurance operations, consisting of a diversified group of life and annuity insurance carriers in the U.S. and abroad.
The revised outlooks reflect A.M. Best’s review of the company following its acquisition by Lindberg in 2015. Key rating factors supporting the outlook change include material improvement to CBL’s risk-adjusted capitalization, reduced sensitivity to interest rates in its reserve profile, organic premium growth in its core lines of business and solid profitability, which is expected to continue with the implementation of current and future integration efficiencies. Additionally, the company is in the process of formalizing an enterprise risk management program that will include synergies from non-affiliated enterprises owned by Lindberg.
A.M. Best will continue to monitor CBL’s integration related to the company’s business strategy and new products; changes to the asset allocation within the balance sheet, capital management; operational performance; and the enterprise risk management program as it nears formalization.
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. 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.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source.