AM Best Places Credit Ratings of Independence Holding Company and Its Subsidiaries Under Review With Developing Implications streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.
23-08-2018
Reliance Standard Life Insurance Company (Reliance Standard), a member of the Tokio Marine Group, has agreed to acquire a key New York statutory insurer, increasing its share of the New York Disability Benefit Law (DBL) insurance to approximately 10 percent.
The acquisition of Standard Security Life Insurance Company of New York (SSL), a subsidiary of Independence Holding Company, has been agreed subject to customary closing conditions including regulatory approvals.
Founded in 1907, Reliance Standard specialises in absence and employee benefits solutions including financial protection, absence management and supplemental health, with a portfolio of insurance products that includes group disability, life, accident, critical illness, hospital indemnity, dental, vision, medical stop loss and limited benefit medical. Reliance Standard also operates in the fixed annuity market space, including indexed annuities. The group benefits segment wrote approximately $1.39 billion i
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AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of a- for the subsidiaries of Independence Holding Company (collectively referred to as Independence Holding Company Group or the group) (headquartered in Stamford, CT) (NYSE:IHC). (See below for a detailed list of companies.)
Concurrently, AM Best has affirmed the Long-Term ICR of bbb- of Independence Holding Company. The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Independence Holding Company Group s balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).