CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK - SEPTEMBER 01, 2015 03:59 PM (EDT)
A.M. Best has upgraded the financial strength rating to A- (Excellent) from B++ (Good) and the issuer credit rating to "a-" from "bbb" of Sterling Life Insurance Company (Sterling) (Chicago, IL). Additionally, A.M. Best has revised the under review implications status on the ratings to developing from positive.
The rating action follows the completed acquisition of Sterling by Cigna Corporation (Cigna) [NYSE: CI]. Sterling should benefit from Cigna's financial strength and parental support if needed. The acquisition of Sterling fits Cigna's strategy to further increase the scale of its Medicare supplement business. The ratings of all Cigna's subsidiaries remain under review with developing implication following the announcement of Cigna's acquisition by Anthem, Inc. (Anthem) [NYSE: ANTM]. That acquisition is subject to multiple regulatory approvals and is expected to close in late 2016.
This press release relates to rating(s) that have been published on A.M. 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 visit A.M. Best's Ratings & Criteria Center.
A.M. Best Company is the world's oldest and most authoritative insurance rating and information source.