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FOR IMMEDIATE RELEASE
OLDWICK - DECEMBER 11, 2024 01:08 PM (EST)
AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) of Oceanview Life and Annuity Company (Oceanview Life) (headquartered in Denver, CO) and its reinsurer affiliate, Oceanview Reinsurance Ltd. (OVRe) (Hamilton, Bermuda). The outlook of these Credit Ratings (ratings) is stable. In addition, AM Best has assigned an FSR of A (Excellent) and a Long-Term ICR of “a” (Excellent) to Oceanview Secure Reinsurance Ltd. (OSL) (Cayman Islands). The outlook assigned to this rating is stable. These companies are collectively referred to as Oceanview.
The ratings reflect Oceanview’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
Oceanview’s balance sheet strength continues to be maintained by its very strong level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), which is expected to trend upward to strongest in the near to intermediate term. Additionally, AM Best notes the support of contributed capital as needed to fund growth and steady surplus growth, which is a result of consistently profitable operations reported over the past few years. Oceanview also benefits from the expertise of its investment team and the ability to source mortgage loans that have a good balance between quality, liquidity and yield, resulting in favorable and consistent spreads.
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.