JUNE 04, 2021 10:50 AM (EDT)
AM Best Places Credit Ratings of Unified Life Insurance Company Under Review With Negative Implications
|Wayne Kaminski |
Senior Financial Analyst
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Manager, Public Relations
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FOR IMMEDIATE RELEASE
OLDWICK - JUNE 04, 2021 10:50 AM (EDT)
AM Best has placed under review with negative implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of bbb+ (Good) of Unified Life Insurance Company (Unified Life) (headquartered in Overland Park, KS).
The Credit Rating (rating) actions reflect a significant deterioration of capital and surplus and risk-adjusted capitalization in the first quarter 2021, driven primarily by the recording of a $5.4 million reserve for a litigation settlement related to its formerly marketed short-term medical product. The ratings will remain under review pending AM Best’s further discussions with management regarding Unified Life’s plan to improve the company’s capital position in the near term.
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.