Best’s News & Research Service - December 14, 2021 04:59 PM (EST)
AM Best Comments on Credit Ratings of Canadian Premier Life Ins Co After Announced Transaction With Sun Life Assurance Company
- December 14, 2021 04:59 PM (EST)
Oldwick //BestWire// - AM Best has commented that the Financial Strength Rating of A (Excellent) and Long-Term Issuer Credit Rating of “a” (Excellent) of Canadian Premier Life Insurance Company (Canadian Premier) (Toronto, ON), a subsidiary of Securian Financial Group, Inc. (Securian), remain unchanged following the announcement of a definitive agreement to purchase Sun Life Assurance Company of Canada’s association, affinity and group creditor businesses in Canada.
The affected blocks of business consist of approximately 100 member organizations along with 1.5 million customers. The acquisition is expected to add scale to Canadian Premier’s balance sheet, which continues to be supported by its parent organization, Securian. AM Best notes that this acquisition continues to support Securian’s strategic goal to grow its business in the Canadian market via mergers and acquisitions, as this is Securian’s fourth Canadian acquisition since 2017.
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.