|[September 06, 2013]
A.M. Best Withdraws Ratings of Service Life & Casualty Insurance Company
OLDWICK, N.J. --(Business Wire)--
A.M. Best Co. has affirmed the financial strength rating of B+
(Good) and the issuer credit rating of "bbb-" of Service Life &
Casualty Insurance Company (Service Life). The outlook for both
ratings is stable. Service Life is an affiliate of Service Lloyds
Insurance Company (both companies are domiciled in Austin, TX).
Concurrently, A.M. Best has withdrawn the ratings as the company has
requested to no longer participate in A.M. Best's interactive rating
Service Life had sold credit life and credit accident and health
insurance coverage, which it discontinued selling in 2010. The company's
current reserves are minimal, and reserve run off should be completed
within the next few years.
The affirmatin of Service Life's ratings reflects its strong absolute
and risk-adjusted capital levels, favorable liquidity position and
continued positive operating earnings.
Partially offsetting these strengths are Service Life's limited business
profile, declining premium trends and higher investment risk relative to
its capital position.
The methodology used in determining these ratings is Best's Credit
Rating Methodology, which provides a comprehensive explanation of A.M.
Best's rating process and contains the different rating criteria
employed in the rating process. Best's Credit Rating Methodology can be
found at www.ambest.com/ratings/methodology.
A.M. Best Company is the world's oldest and most authoritative
insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS
[ Back To Technology News's Homepage ]