AM Best Affirms Credit Ratings of Brookfield Annuity Company
August 24 2022 - 2:28PM
Business Wire
AM Best has affirmed the Financial Strength Rating of A-
(Excellent) and the Long-Term Issuer Credit Rating of “a-”
(Excellent) of Brookfield Annuity Company (Toronto, Ontario,
Canada). Brookfield Annuity Company is a wholly owned subsidiary of
Brookfield Asset Management Reinsurance Partners Ltd. [TSX: BAMR;
NYSE: BAMR]. The outlook of these Credit Ratings (ratings) is
stable.
The ratings reflect Brookfield Annuity Company’s balance sheet
strength, which AM Best assesses as strong, as well as its adequate
operating performance, neutral business profile and appropriate
enterprise risk management (ERM).
The balance sheet strength is assessed based on the company’s
track record of execution of its business plan, with a high level
of capital injected into the business at startup and as needed by
the parent company. As typically seen with startups, risk-adjusted
capital has and can be volatile due the potential lumpy nature of
deal flow as Brookfield Annuity Company writes business. AM Best
expects the company’s balance sheet capacity to remain stable going
forward as the in-force business emerges. Furthermore, the company
has developed a good reinsurance program that serves to strengthen
capital management. Brookfield Annuity Company is a pension-risk
transfer (PRT) carrier in the Canada market, and it continues to
write profitable business.
The company has achieved a significant market share in the PRT
market so far and has expanded its product offering. The company
continues to develop its developed ERM program.
This press release relates to Credit Ratings that have been
published on AM Best’s website. For all rating information relating
to the release and pertinent disclosures, including details of the
office responsible for issuing each of the individual ratings
referenced in this release, please see AM Best’s Recent
Rating Activity web page. For additional information
regarding the use and limitations of Credit Rating opinions, please
view Guide to Best's Credit Ratings. For information
on the proper use of Best’s Credit Ratings, Best’s Performance
Assessments, Best’s Preliminary Credit Assessments and AM Best
press releases, please view Guide to Proper Use of Best’s
Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and
data analytics provider specializing in the insurance industry.
Headquartered in the United States, the company does business in
over 100 countries with regional offices in London, Amsterdam,
Dubai, Hong Kong, Singapore and Mexico City. For more information,
visit www.ambest.com.
Copyright © 2022 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Kevin Varvaro Financial Analyst +1 908 439
2200, ext. 5487 kevin.varvaro@ambest.com
Christopher Sharkey Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Anthony McSwieney Senior Financial Analyst +1
908 439 2200, ext. 5715 anthony.mcswieney@ambest.com
Jeff Mango Managing Director, Strategy &
Communications +1 908 439 2200, ext. 5204
jeffrey.mango@ambest.com
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