Best’s News & Research Service - November 09, 2018 04:29 PM (EST)
A.M. Best Revises Outlooks to Stable for Global Bankers Insurance Group’s Insurance Subsidiaries
- November 09, 2018 04:29 PM (EST)
Oldwick //BestWire// - A.M. Best has revised the outlooks to stable from positive and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb+” of Colorado Bankers Life Insurance Company (CBL) (Durham, NC). Concurrently, A.M. Best has revised the outlook to stable from positive and affirmed the FSR of B (Fair) and the Long-Term ICR of “bb+” of Bankers Life Insurance Company (Bankers Life) (headquartered in St. Petersburg, FL). CBL and Bankers Life are subsidiaries of Global Bankers Insurance Group (GBIG).
The ratings reflect CBL’s balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).
The ratings reflect Bankers Life’s balance sheet strength, which A.M. Best categorizes as adequate, as well as its marginal operating performance, limited business profile and appropriate ERM.
These revised outlooks reflect A.M. Best’s review of the companies following recent events in the public domain related to investigations into the ultimate owner of GBIG. A.M. Best expects the business disruptions resulting from these events to dampen the previously projected growth estimates for these companies. While A.M. Best expects the companies to maintain or grow premiums, this is now projected to occur at a slower rate than before. The stable outlooks reflect the companies continued capitalization profiles. A.M. Best will monitor the progress of the events related to the investigation and take appropriate rating action as events change.
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