APRIL 30, 2021 01:11 PM (EDT)
AM Best Places Credit Ratings of LifeMap Assurance Company Under Review With Developing Implications
|John McGlynn |
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FOR IMMEDIATE RELEASE
OLDWICK - APRIL 30, 2021 01:11 PM (EDT)
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 LifeMap Assurance Company (LifeMap) (Portland, OR).
This Credit Rating (rating) action follows the April 27, 2021 announcement that LifeMap’s ultimate parent, Cambia Health Solutions, Inc. (Cambia), has entered a partnership with Life and Specialty Ventures LLC (LSV) under which the ownership of LifeMap will transfer to LSV subsidiary USAble Life (USAL). Currently, LifeMap’s ratings take into consideration its strategic role within the Cambia organization, as well as the capital and operational support provided to LifeMap by Cambia’s health insurance plans. These ratings will remain under review until AM Best can conduct discussions with new management and evaluate LifeMap’s role within the new ownership structure, including the business strategy, integration plan and any implicit or explicit support provided by USAL or LSV.
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.