Quick Links
Life Reinsurance >
Actuarial Consult >
Underwriting >
Claims >
Group Reinsurance >
Contact Us >
Generali Group >
Transfer Data Access Point >
A.M. Best Media Release
FOR IMMEDIATE RELEASE
CONTACTS:
Richard Baldwin
(908) 439-2200, ext. 5664
richard.baldwin@ambest.com
William Pargeans
(908) 439-2200, ext. 5359
william.pargeans@ambest.com
Public Relations
Jim Peavy
(908) 439-2200, ext. 5644
james.peavy@ambest.com
Rachelle Morrow
(908) 439-2200, ext. 5378
rachelle.morrow@ambest.com
A.M. Best Affirms Ratings of Generali USA Life Reassurance Company
OLDWICK, N.J., June 4, 2009—A.M. Best Co. has affirmed the financial strength rating of A (Excellent) and the issuer credit rating of "a" of Generali USA Life Reassurance Company (Generali Life Re) (Kansas City, MO). The outlook for both ratings is stable. Generali Life Re is the U.S. life reinsurance subsidiary of Assicurazioni Generali S.p.A. (Generali) (Trieste, Italy). Generali USA principally reinsures ordinary life policies written by medium and large-sized U.S. direct writers, and has been able to grow premium income ata steady pace due to retrocession support provided by Generali and its sister company Generali Reassurance (Bermuda) Ltd. (Generali Bermuda).The rating reflects the solid risk-adjusted capitalization of Generali USA, its profitable operations, continued growth in the U.S. life reinsurance market, and the stability of the company's investment portfolio. Generali USA is a well regarded industry participant and continues to increase its ordinary life line of business despite the contraction of life insurance sales and consolidation within the life reinsurance marketplace. The company has been able to win new ordinary life accounts while retaining most existing relationships. As a result, the company currently enjoys a solid mid-market position as a reinsurer. The retrocession support provided by Generali also benefits the ratings.
Partially offsetting these factors are the challenges associated with profitable growth in a highly competitive life reinsurance market that has experienced a sharp decline in business ceded in recent years, the relatively modest scale of Generali USA as measured by life-in-force compared to the leading life reinsurers in the U.S., and the lackluster statutory profitability resulting from goodwill amortization and new business strain. However, GAAP results for Generali U.S. holdings, which include the operations of Generali Bermuda, are positive and meet parental expectations.
For Best's Ratings, an overview of the rating process and rating methodologies, please visit http://www.ambest.com/ratings.
Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services industries, including the banking and insurance sectors. For more information, visit www.ambest.com.
Ratings Links
© 1996-2008 Generali COPYRIGHT INFORMATION
