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FOR IMMEDIATE RELEASE
LONDON - FEBRUARY 25, 2022 11:36 AM (EST)
AM Best has maintained the under review with negative implications status for the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of Lombard International Life Assurance Company (Philadelphia, PA), Lombard International Life Assurance Company of New York (New York, NY), Lombard International Assurance S.A. (LIA SA) (Luxembourg), Lombard International Life Assurance Company (Bermuda) Ltd. (Bermuda) and Lombard International Life Ltd. (Bermuda). Concurrently, AM Best has maintained the under review with negative implications status for the Long-Term ICR of “bbb-” (Good) of LIA Holdings Limited (United Kingdom), a non-operating holding company.
The under review with negative implications status reflects the ongoing uncertainty as to the potential impact on LIA Holdings Limited’s balance sheet strength of a review by the Italian tax authorities into the Italian business written by LIA SA. AM Best will continue to monitor LIA Holdings Limited’s credit fundamentals, notably to assess the impact of the tax liability and any penalty associated with the ongoing investigation.
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 specialising 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.