AM Best Places Credit Ratings of Cincinnati Equitable Life Insurance Company Under Review With Positive Implications
OLDWICK, N.J.--(BUSINESS WIRE)--May 7, 2019--AM Best has placed under review with positive implications the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of Cincinnati Equitable Life Insurance Company (CELIC) (Cincinnati OH), following the announcement of the pending acquisition by Farm Bureau Life Insurance Company of Michigan (Farm Bureau), subject to regulatory approval.
The positive implications reflect Farm Bureau’s higher Credit Ratings (ratings) level and larger overall financial profile, which is expected to enhance CELIC’s future prospects.
CELIC’s ratings will remain under review with positive implications until AM Best completes its discussions with management and finalizes its analysis of the company’s prospective business plan under its new management.
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 Understanding 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 rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.
Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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CONTACT: Jason MacKenzie
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KEYWORD: UNITED STATES EUROPE NORTH AMERICA NEW JERSEY
INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE
SOURCE: AM Best
Copyright Business Wire 2019.
PUB: 05/07/2019 04:53 PM/DISC: 05/07/2019 04:53 PM