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FOR IMMEDIATE RELEASE
OLDWICK - OCTOBER 11, 2016 02:01 PM (EDT)
A.M. Best has placed under review with positive implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” of Vantis Life Insurance Company (Vantis Life) (Windsor, CT) and its wholly owned subsidiary, Vantis Life Insurance Company of New York (Brewster, NY). The under review status follows the announcement that Vantis Life has entered into a definitive agreement to be acquired by Penn Mutual Life Insurance Company (Penn Mutual), subject to regulatory approval. The transaction is expected to close in early 2017.
The under review with positive implications status reflects the potential financial and operational benefits that will be derived from Vantis Life being a significant operation within a larger, higher-rated organization. The ratings will remain under review pending the completion of this transaction and review by A.M. Best regarding Penn Mutual’s future operating plans for Vantis Life.
This press release relates to Credit Ratings 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 see A.M. 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.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source.