A brighter outlook for Oceanview

Ratings agency AM Best has upgraded its outlooks for Denver’s Oceanview Life and Annuity Company and its affiliate, Bermuda’s Oceanview Reinsurance from stable to positive. It also affirmed its financial strength rating (FSR) of A- (Excellent) and the long-term issuer credit ratings (ICR) of “a-” (Excellent) for the entities.

“The ratings of Oceanview Re reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM,” the agency  reports.

It added: “Oceanview Life’s positive outlooks reflect AM Best’s expectation that the company’s risk-adjusted capitalisation will remain at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). Oceanview Life benefits from a strong parent, Oceanview Holdings Ltd., which has been able to provide capital as necessary through Oceanview Life’s initial years of operation. Continued execution of Oceanview Life’s business plan is further supported by the very strong level of risk-adjusted capitalisation at Oceanview Re, and the capacity to reduce new business strain at Oceanview Life, if needed.”