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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 USA is the U.S. life reinsurance subsidiary of the multi-national life and non-life insurance writer,Assicurazioni Generali S.p.A. (Generali) (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 at a steady pace due to retrocession support provided by Generali and its sister company Generali Reassurance (Bermuda) Ltd. (Generali Bermuda).
The ratings reflect Generali USA.s favorable capitalization on a stand-alone basis, improved operating earnings, continued growth in the U.S. life reinsurance market and the company.s conservative 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. Generali USA has been able to obtain 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 positive factors are the challenges associated with profitable growth in a life reinsurance market that has experienced consolidation; the relatively modest scale of Generali USA as measured by life-in-force compared to the leading life reinsurers in the U.S.; and somewhat modest statutory profitability returns. However, GAAP results for Generali U.S. Holdings, which include the operations of Generali Bermuda, are favorable 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.
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