Best’s News & Research Service - February 17, 2023 12:16 PM (EST)
AM Best Revises Under Review Status to Negative for Credit Ratings of Aetna Insurance Company Limited
- February 17, 2023 12:16 PM (EST)
London //BestWire// - AM Best has revised the implications of the under review status to negative from developing for the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Aetna Insurance Company Limited (AICL) (UK).
The (Credit Ratings) ratings reflect AICL’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. Furthermore, AICL’s ratings factor in rating enhancement from the Aetna organisation.
The under review status with negative implications reflects AICL’s plan to transfer all its business to AWP Health & Life S.A., a subsidiary of Allianz SE. AM Best believes that following the transfer, AICL’s strategic importance to the Aetna organisation will diminish.
The ratings will remain under review until approval for the transfer of existing liabilities is granted. AM Best will monitor AICL’s capital position as the business is being transitioned, and the level of parental support provided.
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 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.