AUGUST 26, 2021 03:13 PM (EDT)
AM Best Places Credit Ratings of Guggenheim Life and Annuity Company Under Review With Developing Implications
|Erik Miller, CFA |
+1 908 439 2200, ext. 5187
Michael Lagomarsino, CFA, FRM
+1 908 439 2200, ext. 5810
Manager, Public Relations
+1 908 439 2200, ext. 5159
+1 908 439 2200, ext. 5644
FOR IMMEDIATE RELEASE
OLDWICK - AUGUST 26, 2021 03:13 PM (EDT)
AM Best has placed under review with developing implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Guggenheim Life and Annuity Company (GLAC) (Wilmington, DE).
The Credit Rating (rating) actions reflect GLAC’s decline in surplus and weakening in its risk-adjusted capital position during the first half of 2021, driven in large part by the payment of stockholder dividends to its ultimate parent, Sammons Enterprises, Inc. GLAC’s management is working on a capital plan to increase its capital and surplus and strengthen its risk-adjusted capital position.
The ratings are expected to remain under review while GLAC management finalizes its capital plans and AM Best can fully assess the impact this has on the company’s capital and surplus position and risk-adjusted capitalization.
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.