AM Best has assigned a Financial Strength Rating of A+ (Superior)
and a Long-Term Issuer Credit Rating of “aa” to London Life and General
Reinsurance Designated Activity Company (LLGR) (Dublin, Ireland). The
outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect LLGR’s balance sheet strength, which AM Best
categorizes as strongest, as well as its strong operating performance,
very favorable business profile and appropriate enterprise risk
management. LLGR’s ratings benefit from the support of its parent, The
Great-West Life Assurance Company.
LLGR operates as a reinsurer owned by Great-West Lifeco, Inc. (Lifeco).
In December 2018, Canada Life International Re Designated Activity
Company (Dublin, Ireland) transferred its reinsurance business to LLGR
via portfolio transfer. LLGR has a composite license that enables it to
write life and non-life business with new business supported by a
substantial balance sheet. The ratings reflect AM Best’s view of the
strategic importance of the reinsurance entities to Lifeco’s current and
future operations, as it continues to contribute a greater portion of
the company’s overall earnings.
AM Best also has withdrawn the ratings of Canada Life International Re
Designated Activity Company, and a final rating has not been completed
as the insurance liabilities of this entity has been merged into LLGR.
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190110005669/en/