FEBRUARY 04, 2021 12:31 PM (EST)
AM Best Removes From Under Review, Upgrades Credit Ratings of Life Ins Co of North America and Cigna Life Ins Co of New York
|Anthony McSwieney |
Senior Financial Analyst
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Manager, Public Relations
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FOR IMMEDIATE RELEASE
OLDWICK - FEBRUARY 04, 2021 12:31 PM (EST)
AM Best has removed from under review with positive implications and upgraded the Financial Strength Rating (FSR) to A++ (Superior) from A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “aa+” from “a” of Life Insurance Company of North America (LINA) (Philadelphia, PA) and Cigna Life Insurance Company of New York (CLICNY) (New York, NY). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings of LINA and CLICNY reflect their balance sheet strength assessment, which AM Best categorizes as strong, as well as its strong operating performance, favorable business profile, appropriate enterprise risk management and the financial strength of the new parent, New York Life Insurance Company.
The rating actions reflect AM Best’s expectation that these companies will maintain their strategic importance to the parent and their financial fundamentals as they fully integrate into the New York Life Group. The ratings of the companies could see more favorable ratings movement after the companies are successfully integrated into the new organization.
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.