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Best’s News & Research Service - March 02, 2023 09:59 AM (EST)

AM Best Comments on Credit Ratings of Certain Group 1001 Insurance Holdings, LLC Subsidiaries Following Ransomware Attack

  • March 02, 2023 09:59 AM (EST)
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Oldwick //BestWire// - AM Best has commented that the Credit Ratings (ratings) of certain Group 1001 Insurance Holdings, LLC’s rated subsidiaries remain unchanged following the parent company’s disclosure that it sustained a cybersecurity attack that caused a network disruption and impacted certain systems.

According to the company, the following subsidiaries experienced system interruptions but are now back to full functionality: Delaware Life Insurance Company, Delaware Life Insurance Company of New York, Clear Spring Life and Annuity Company and Clear Spring Property and Casualty Company.

AM Best was notified of a cyber security ransomware attack that occurred against Group 1001 beginning in early February. Group 1001 has engaged with law enforcement and regulatory agencies following the attack. Group 1001 did not pay the ransomware and believes all systems have been cleaned and validated. Currently, Group 1001 believes the impact to business interruption was minimal and currently day-to-day operations have resumed as normal.

AM Best currently believes that the disruption caused by the ransomware attack has not reached a level that is material to the credit profile of the enterprise. AM Best recognizes that the situation remains highly fluid and will continue to monitor developments.

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 Performance Assessments, 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.

Financial Strength Life Insurers Press Release A.M. Best Rating Services, Inc. Insurance Best's Credit Rating Action Issuer Credit Rating

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