AM Best Maintains Under Review with Developing Implications Status for LifeMap Assurance Company
- November 04, 2021 04:28 PM (EDT)
Oldwick //BestWire// - AM Best has maintained the under review with developing implications status for the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of LifeMap Assurance Company (LifeMap) (Portland, OR).
The ratings reflect LifeMap’s balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management (ERM).
The under review with developing implications status for LifeMap reflects the pending transaction between Cambia Health Solutions, Inc. (Cambia) and Life and Specialty Ventures LLC (LSV), under which the majority ownership of LifeMap will transfer to LSV. The transaction is expected to close on Dec. 31, 2021, subject to regulatory and other closing conditions.
AM Best will continue to hold discussions with LifeMap’s management and monitor its balance sheet strength, operating performance, business profile and ERM. In addition, LifeMap’s ratings consider its strategic role within the Cambia organization, as well as the capital and operational support provided to LifeMap by Cambia’s health insurance plans. These ratings will remain under review until the transaction closes and AM Best can evaluate LifeMap’s role within the new ownership structure, including the business strategy, integration plan and any implicit or explicit support provided by LSV.
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.