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FOR IMMEDIATE RELEASE
OLDWICK - DECEMBER 18, 2023 11:33 AM (EST)
AM Best has downgraded the Financial Strength Rating to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Rating to “a-” (Excellent) from “a+” (Excellent) of Standard Life and Accident Insurance Company (SLAICO) (Galveston, TX). Concurrently, AM Best has maintained the under-review status on these Credit Ratings (ratings) and revised the implications status to developing from negative.
The ratings reflect SLAICO’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
The ratings actions were driven by the recent acquisition of SLAICO by Core Specialty Insurance Holdings, Inc. (Core Specialty). The rating downgrades reflect the revision of SLAICO’s business profile assessment to limited from favorable. The assessment is aligned with that of Core Specialty, as SLAICO no longer benefits from the favorable business profile of its former parent. Following the finalized sale, AM Best has determined that the company warrants further monitoring before removing its ratings from under review. Consequently, and coupled with the downgrades, the implications on the SLAICO’s under-review status has been revised to developing from negative.
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 use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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.