A.M. Best Places Ratings of Sterling Life Insurance Company Under Review With Positive Implications
May 15 2015 - 10:02AM
Business Wire
A.M. Best has placed under review with positive
implications the financial strength rating of B++ (Good) and the
issuer credit rating of “bbb” of Sterling Life Insurance
Company (Sterling) (Chicago, IL). The rating action follows the
announcement that Sterling’s parent, WellCare Health Plans,
Inc. (headquartered in Tampa, FL), has recently entered into a
definitive agreement to sell Sterling to Cigna Corporation
(Cigna) (headquartered in Bloomfield, CT) [NYSE:CI].
A.M. Best believes that upon the completion of the transaction,
Sterling’s policyholders should benefit from the financial strength
of Cigna. The acquisition of Sterling fits Cigna’s strategy to
further increase the scale of its Medicare supplement business. The
ratings will remain under review until the completion of the
transaction and A.M. Best’s discussions with Cigna regarding the
role of Sterling within the Cigna organization.
The methodology used in determining these ratings is Best’s
Credit Rating Methodology, which provides a comprehensive
explanation of A.M. Best’s rating process and contains the
different rating criteria employed in the rating process. Best’s
Credit Rating Methodology can be found at
www.ambest.com/ratings/methodology.
Key insurance criteria reports utilized:
- Rating Members of Insurance Groups
- Understanding BCAR for U.S. and
Canadian Life/Health Insurers
This press release relates to rating(s) that have been
published on A.M. 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 visit A.M.
Best’s Ratings & Criteria Center.
A.M. Best Company is the world's oldest and most
authoritative insurance rating and information source. For more
information, visit www.ambest.com.
Copyright © 2015 by A.M. Best Company,
Inc. ALL RIGHTS RESERVED.
A.M. BestDoniella Pliss, 908-439-2200, ext.
5104Senior Financial
Analystdoniella.pliss@ambest.comorChristopher Sharkey,
908-439-2200, ext. 5159Manager, Public
Relationschristopher.sharkey@ambest.comorSally Rosen,
908-439-2200, ext. 5280Assistant Vice
Presidentsally.rosen@ambest.comorJim Peavy, 908-439-2200,
ext. 5644Assistant Vice President, Public
Relationsjames.peavy@ambest.com
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