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FOR IMMEDIATE RELEASE
OLDWICK - SEPTEMBER 03, 2020 11:21 AM (EDT)
AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” to Prosperity Life Assurance Limited (PLAL) (Bermuda). The outlook assigned to these Credit Ratings (ratings) is stable. PLAL is a newly added member of the Prosperity Life Group.
The ratings reflect PLAL’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The ratings of Prosperity Life Group are being extended to PLAL due to its strategic importance to the group’s expansion into reinsurance markets, mainly being utilized to support the group’s inorganic growth strategy, and because it also shares common management and operational capabilities. PLAL will be utilized to assume primarily fixed annuity & life (and potentially other lines, such as new flow business), and payout and disability in-force blocks via either funds withheld retrocession, or directly from third party ceding companies. PLAL has the full support of its ultimate parent as recently evidenced by an explicit capital contribution.
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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.