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FOR IMMEDIATE RELEASE
LONDON - AUGUST 05, 2021 12:51 PM (EDT)
AM Best has placed under review with negative implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of Lombard International Life Assurance Company (Philadelphia, PA), Lombard International Life Assurance Company of New York (New York, NY), Lombard International Assurance S.A. (LIA SA) (Luxembourg), Lombard International Life Assurance Company (Bermuda) Ltd. (Bermuda) and Lombard International Life Ltd. (Bermuda). Concurrently, AM Best has placed under review with negative implications the Long-Term ICR of “bbb-” (Good) of LIA Holdings Ltd. (Lombard International or the group) (United Kingdom), a non-operating holding company.
These Credit Ratings (ratings) have been placed under review with negative implications due to uncertainty as to the potential impact on the group’s balance sheet strength of a tax liability related to an ongoing review by the Italian tax authorities into the Italian business written by LIA SA. AM Best will continue to monitor developments to assess the impact of the ultimate tax liability and any associated penalty on the credit fundamentals of LIA SA and Lombard International.
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 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 specialising 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.