Best’s News & Research Service - November 10, 2021 03:51 PM (EST)
AM Best Maintains Under Review With Negative Implications Status for Members of Everlake Life Group
- November 10, 2021 03:51 PM (EST)
Oldwick //BestWire// - AM Best has maintained the under review with negative implications status for the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings of “aa-” (Superior) of Everlake Life Insurance Company and Everlake Assurance Company (formerly Allstate Life Insurance Company and Allstate Assurance Company, respectively), collectively known as Everlake Life Group (Everlake Life). Both companies are domiciled in Northbrook, IL.
These rating actions follow the announcement that The Allstate Corporation (Allcorp) [NYSE: ALL] has completed its sale of the former Allstate companies to entities managed by Blackstone for $2.8 billion. The under review with negative implications status reflects AM Best’s need to fully assess the financial and operational impacts of the transaction on the rating fundamentals under its new ownership. AM Best expects to resolve the under review with negative implications status after meeting with Everlake Life’s management in the near term.
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 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.