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FOR IMMEDIATE RELEASE
OLDWICK - APRIL 27, 2021 10:41 AM (EDT)
AM Best has assigned a Long-Term Issue Credit Rating of “a+” to the $500 million, 3.75% surplus notes, due 2061, issued by The Western & Southern Life Insurance Company (Western & Southern) (Cincinnati, OH). The outlook assigned to this Credit Rating (rating) is stable. The existing ratings of Western & Southern and its subsidiaries remain unchanged.
The proceeds from the offering will be used for general corporate purposes. The newly issued surplus notes will remain subordinated to policyowner liabilities and rank pari passu with the company’s existing surplus notes. Following the surplus note issuance, Western & Southern’s financial leverage is expected to remain within AM Best’s guidelines for the assigned rating and further enhance its capital adequacy.
The existing ratings of Western & Southern reflect its balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management.
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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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.