Best’s News & Research Service - June 11, 2020 04:12 PM (EDT)
AM Best Withdraws Credit Ratings of USIC Life Insurance Company
- June 11, 2020 04:12 PM (EDT)
Oldwick //BestWire// - AM Best has withdrawn the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” of USIC Life Insurance Company (USIC Life) (San Juan, PR). These Credit Rating (rating) withdrawals are prompted by the sale of USIC Life’s portfolio of cancer, life and temporary non-occupational disability insurance (Sinot) policies to Triple-S Vida, Inc. (San Juan, PR), which represents the majority of USIC Life’s business, as well as USIC Life’s request to no longer participate in AM Best’s interactive rating process. The sale allows the parent company, United Surety and Indemnity Company, to focus on its core property and casualty business. USIC Life will not have any remaining liabilities as a small block of term life business has been ceded to an external party retroactive to Jan. 1, 2020.
AM Best’s policy is for a final rating to be completed along with a rating withdrawal. However, a final rating could not be completed due to the lack of business and forward-looking financial information necessary to support the formation of a current rating opinion.
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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.