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FOR IMMEDIATE RELEASE
OLDWICK - OCTOBER 12, 2022 12:23 PM (EDT)
AM Best has downgraded the Financial Strength Rating to B (Fair) from B+ (Good) and the Long-Term Issuer Credit Rating to “bb+” (Fair) from “bbb-” (Good) of Unified Life Insurance Company (Unified Life) (headquartered in Overland Park, KS). Concurrently, AM Best has placed these Credit Ratings (ratings) under review with negative implications.
The ratings reflect Unified Life’s balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, limited business profile and marginal enterprise risk management.
The rating downgrades are attributed to a deterioration in risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), through the second quarter of 2022.
The ratings will remain under review pending AM Best’s further discussions with management regarding Unified Life’s plan to improve the company’s capital position in the near term.
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.