AM Best


A.M. Best Withdraws Ratings of Westport Life Insurance Company


CONTACTS:


Anthony McSwieney

Senior Financial Analyst

(908) 439-2200, ext. 5715

anthony.mcswieney@ambest.com

William Pargeans

Assistant Vice President

(908) 439-2200, ext. 5359

william.pargeans@ambest.com

Rachelle Morrow

Senior Manager, Public Relations

(908) 439-2200, ext. 5378

rachelle.morrow@ambest.com

Jim Peavy

Assistant Vice President, Public Relations

(908) 439-2200, ext. 5644

james.peavy@ambest.com


FOR IMMEDIATE RELEASE

OLDWICK, N.J. - JUNE 20, 2013 12:00 AM (EDT)
A.M. Best Co. has withdrawn the financial strength rating of B+ (Good) and the issuer credit rating of “bbb-” of Westport Life Insurance Company (Westport) (Phoenix, AZ).

The withdrawal of Westport’s ratings is due to the revised business strategy of Individual Assurance Company, Life, Health and Accident (IAC) following Plateau Insurance Company’s (Plateau) pending acquisition of Westport. Plateau will purchase Westport to acquire its license as an Arizona life and disability reinsurance company, authorized to do business in Arizona. Westport has discontinued its operations under the current owner, IAC.

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.

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