Best’s News & Research Service - January 25, 2024 02:39 PM (EST)
AM Best Assigns Credit Ratings to Everly Life Insurance Company
- January 25, 2024 02:39 PM (EST)
Oldwick //BestWire// - AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Everly Life Insurance Company (Everly Life) (Topeka, KS). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Everly Life’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
SBL Holdings, Inc. (Security Benefit) launched Everly LLC in 2020 as its digital agency platform to offer Security Benefit Life Insurance Company’s accumulation-focused universal life insurance product directly to consumers. In July 2022, Security Benefit acquired Settlers Life Insurance Company, a Wisconsin-domiciled, 49-state insurance company, which has since been rebranded to Everly Life Insurance Company. Everly Life is well-capitalized and positioned to launch its first innovative product, an indexed universal life (IUL) in 2024. Everly Life will administer its IUL product through its affiliate, Zinnia, and the product will be distributed initially through Zinnia’s subsidiary, Policygenius, an online marketplace combining cutting-edge technology with the expertise of licensed agents to help consumers get the coverage they need.
Everly Life’s risk-adjusted capitalization is projected to remain at least at the very strong level over the next several years, as measured by Best’s Capital Adequacy Ratio (BCAR), with explicit capital support from Security Benefit for growth of the organization if needed. In addition, statutory earnings are expected to grow over the next few years as the business gains scale. Everly Life will share a common advisory team, back-office administration and risk management program with Security Benefit. AM Best notes that there is a high degree of competition currently in the market and execution risks remain high with Everly Life’s initial focus on the direct-to-consumer online marketplace. AM Best will closely monitor the newly created organization’s ability to meet its projected targets successfully.
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.