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Best’s News & Research Service - January 18, 2019 04:01 PM (EST)

AM Best Assigns Issue Credit Rating to The Western and Southern Life Insurance Company’s Forthcoming Surplus Notes

  • January 18, 2019 04:01 PM (EST)
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Oldwick //BestWire// - AM Best has assigned a Long-Term Issue Credit Rating of “a+” to the forthcoming $500 million 5.150% surplus notes due 2049 to be issued by The Western and Southern Life Insurance Company (WSLIC) (Cincinnati, OH). The outlook assigned to this Credit Rating (rating) is stable.

WSLIC anticipates the proceeds from the surplus note offering to be utilized for general corporate purposes, which may include the repayment of amounts outstanding under the credit facility that was utilized for Western & Southern Financial Group, Inc.’s (WSFG) December 2018 acquisition of Gerber Life Insurance Company. WSLIC’s insurance subsidiaries offer a diverse portfolio of life and annuity products and financial services in the United States, which generate strong earnings and steady cash flows to the holding company. Financial leverage at WSLIC and WSFG remains well within AM Best’s guidelines with strong interest coverage.

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.



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