|Kate Steffanelli |
+1 908 439 2200, ext.5063
+1 908 439 2200, ext.5740
Manager, Public Relations
+1 908 439 2200, ext. 5159
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098
FOR IMMEDIATE RELEASE
OLDWICK - MARCH 15, 2023 04:12 PM (EDT)
AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa-” (Superior) of Everlake Life Insurance Company and Everlake Assurance Company, collectively known as Everlake Life Group (Everlake Life). Both companies are domiciled in Northbrook, IL.
The Credit Ratings (ratings) reflect Everlake Life’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management. The revised outlooks reflect the challenges Everlake Life faces as a newer entrant into the increasingly competitive life and annuity consolidation market. As such, it may take some time for the group to establish itself as a leading carrier and increase the overall diversity of its reserve base by executing on its established pipeline of market opportunities. Partially offsetting these factors are Everlake Life’s experienced management team and the investment expertise and market insight provided through its strategic relationship and asset management arrangement with Blackstone Inc. Additionally, AM Best notes that Everlake Life recently entered into a participation agreement with Resolution Life Group Holdings Ltd., which provides Everlake Life with an opportunity to participate, on a quota share basis, in certain U.S. life and annuity block and reinsurance transactions.
Everlake Life continues to report the strongest risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR). Additionally, the balance sheet is further strengthened by the company’s diversified
investment allocation and the liquidity and financial flexibility, which is demonstrated throughout the organization. The group’s operating results are in line with AM Best’s expectations, reflecting the profitability of its in-force business. Everlake Life continues to demonstrate sound and proactive risk management and oversight throughout the organization.
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.