AM Best removed the rating under review with negative implications and confirmed the financial strength rating of A- (excellent) and the issuer’s long-term credit rating of “a-” (excellent) of
The ratings reflect the strength of BCLIC’s balance sheet, which AM Best considers strong, as well as its adequate operational performance, neutral business profile and appropriate management of corporate risks.
The removal of the status under review with negative implications reflects the risk-adjusted capitalization of BCLIC, which was affected by the write-downs on its private loan assets, linked to one of its asset managers, and a higher amount risk fees to support larger blocks of higher sales business. The transfer of a large block of business from
BCLIC was indicted with negative implications on
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Source: AM Best