Best’s News & Research Service - March 24, 2021 02:37 PM (EDT)
AM Best Assigns Issue Credit Rating to The Northwestern Mutual Life Insurance Company’s New Surplus Notes
- March 24, 2021 02:37 PM (EDT)
Oldwick //BestWire// - AM Best has assigned a Long-Term Issue Credit Rating of “aa” to the $900 million, 3.45% surplus notes, due 2051, issued by The Northwestern Mutual Life Insurance Company (Northwestern Mutual) (Milwaukee, WI). The outlook assigned to the Credit Rating (rating) is stable. The existing ratings of Northwestern Mutual and its subsidiary, the Northwestern Long Term Care Insurance Company (Milwaukee, WI), are unchanged.
The proceeds from the offering will be used for general corporate purposes. The newly issued surplus notes will remain subordinated to policyowner liabilities. Financial leverage is expected to remain within AM Best’s guidelines for the assigned rating.
The existing ratings of Northwestern Mutual reflect its balance sheet strength, which AM Best assesses as strongest, as well as its very strong operating performance, very favorable business profile and very strong enterprise risk management.
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 London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.