FEBRUARY 14, 2020 04:17 PM (EST)
AM Best Comments on Credit Ratings of Canadian Premier Life Ins Co Following Announced Transaction With Gerber Life Ins Co
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FOR IMMEDIATE RELEASE
OLDWICK - FEBRUARY 14, 2020 04:17 PM (EST)
AM Best has commented that the Financial Strength Rating of A (Excellent) and Long-Term Issuer Credit Rating of “a” of Canadian Premier Life Insurance Company (Canadian Premier) (Toronto, ON), a subsidiary of Securian Financial Group, Inc. (Securian), remain unchanged following the announcement of a definitive agreement to purchase Gerber Life Insurance Company’s Canadian block of business.
On Feb. 13, 2020, Canadian Premier announced an agreement to acquire a block of juvenile whole life policies from Gerber Life via an assumption reinsurance transaction. The acquisition is material in scale relative to Canadian Premier’s current balance sheet, but it is not expected it to have a material impact on capitalization or operating performance. However, AM Best notes that the acquisition supports Securian’s strategic goals to expand its business in the Canadian market following the acquisition of Canadian Premier and its sister company, Canadian Premier General Insurance Company (formerly known as Legacy General Insurance Company), in 2017.
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.