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 âa-â (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
This press release relates to credit ratings published on the AM Best website. For all rating information relating to the release and relevant 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 more information on the use and limits of credit rating opinions, please see Best Credit Score Guide. For more information on the proper use of Best’s credit scores, Best’s preliminary credit reports, and AM Best’s press releases, please see Guide to Proper Use of Best Ratings and Reviews.
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Source: AM Best