AM Best Downgrades Issuer Credit Ratings of Lumico Life Insurance Group Members; Places Credit Ratings Under Review With Negative Implications [Yahoo! Finance]
SWISS RE LTD S/ADR (SSREY)
NASDAQ:AMEX Investor Relations:
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Company Research
Source: Yahoo! Finance
affirmed the Financial Strength Rating of A (Excellent) of Lumico Life Insurance Company (Jefferson City, MO) and Elips Life Insurance Company (headquartered in Schaumburg, IL). These two companies are referred to as Lumico Life Insurance Group. Concurrently, AM Best has placed these Credit Ratings (ratings) under review with negative implications. The ratings reflect Lumico Life Insurance Group's balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management (ERM). On May 16, 2024, Swiss Re Ltd (Swiss Re) announced plans to withdraw from the iptiQ business, of which Lumico Life Insurance Group is a part of and will consider options for the different entities in a manner and timeframe that maximizes value for the group, subject to applicable regulatory approvals and notifications. The rating downgrades reflect a revision to Lumico Life Insurance Group's ERM assessme
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