FEBRUARY 11, 2021 01:51 PM (EST)
AM Best Places Credit Ratings of Monitor Life Insurance Company of New York Under Review With Developing Implications
|Bridget Maehr |
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Manager, Public Relations
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FOR IMMEDIATE RELEASE
OLDWICK - FEBRUARY 11, 2021 01:51 PM (EST)
AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Monitor Life Insurance Company of New York (Monitor Life) (Utica, NY).
This Credit Rating (ratings) action follows Monitor Life’s acquisition by United States Fire Insurance Company (US Fire), a member of Crum & Forster Insurance Group (C&F), from AmFirst Holdings, Inc. AM Best will conduct discussions with new management to evaluate Monitor Life’s role within the new ownership structure, including the business strategy, the integration plan and any implicit or explicit support provided by US Fire or C&F.
AM Best expects that Monitor Life will reinsure all run-off business and hedge existing reserves via a portfolio risk transfer, and subsequently offer accident & health products utilizing the existing distribution of Monitor Life and US Fire.
These ratings will remain under review until AM Best has evaluated the business plan and the extent of the integration of Monitor Life with the C&F.
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 London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.