MAY 24, 2023 01:40 PM (EDT)
AM Best Comments on Credit Ratings of Farmers New World Life Insurance Company Following Reinsurance Agreement Announcement
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FOR IMMEDIATE RELEASE
OLDWICK - MAY 24, 2023 01:40 PM (EDT)
AM Best has commented that the Credit Ratings (ratings) of Farmers New World Life Insurance Company (FNWL) (Bellevue, WA) remain unchanged following the announcement that the company has entered into an agreement with Resolution Life Group to reinsure the in-force individual life insurance book of business. The reinsurance transaction is expected to close in the second half of 2023.
AM Best anticipates that FNWL will continue to maintain supportive risk-adjusted capitalization and overall balance sheet strength, which is assessed at the very strong level. AM Best does not expect the reinsurance transaction to materially impact FNWL’s adequate operating performance, neutral business profile and appropriate enterprise risk management. Following the close of the transaction, AM Best will continue to discuss the transaction’s progress with FNWL management and assess its impact on operations.
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.