AM Best assigns rating to Prosperity Life Assurance
AM Best has assigned a financial strength rating of A- (excellent) to Prosperity Life Assurance Bermuda (PLA), with a stable outlook.
The ratings reflect its balance sheet strength, which AM Best categorised as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The ratings of Prosperity Life Group are being extended to PLA due to its strategic importance to the group’s expansion into reinsurance markets, mainly being used to support the group’s inorganic growth strategy. It also shares common management and operational capabilities, AM Best noted, and has the full support of its ultimate parent, as recently evidenced by an explicit capital contribution.
PLA is a newly added member of the Prosperity Life Group and will be used to assume primarily fixed annuity and life business, and potentially other lines.