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FOR IMMEDIATE RELEASE
OLDWICK - NOVEMBER 18, 2021 03:03 PM (EST)
AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of Oceanview Life and Annuity Company (Oceanview Life) (Denver, CO) and its reinsurer affiliate, Oceanview Reinsurance Ltd. (Oceanview Re) (Hamilton, Bermuda).
The ratings of Oceanview Life reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).
The ratings of Oceanview Re reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM.
Oceanview Life’s positive outlooks reflect AM Best’s expectation that the company’s risk-adjusted capitalization will remain at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). Oceanview Life benefits from a strong parent, Oceanview Holdings Ltd., which has been able to provide capital as necessary through Oceanview Life’s initial years of operation. Continued execution of Oceanview Life’s business plan is further supported by the very strong level of risk-adjusted capitalization at Oceanview Re, and the capacity to reduce new business strain at Oceanview Life, if needed.
Oceanview Life and Oceanview Re benefit from the expertise of their investment team and the ability to source mortgage loans that have a good balance between quality, liquidity and yield, resulting in good spreads in a challenging investment environment. AM Best will continue to monitor the operating performance of Oceanview Life, including good top line growth and expectations of statutory profitability that will improve the overall balance sheet strength of the rating unit going forward.
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 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.