AM Best Places Credit Ratings of Mountain Life Insurance Company Under Review With Developing Implications
August 14 2024 - 1:57PM
Business Wire
AM Best has placed under review with developing
implications the Financial Strength Rating of B (Fair) and the
Long-Term Issuer Credit Rating of “bb+” (Fair) of Mountain Life
Insurance Company (Mountain Life) (Lexington, KY).
The Credit Ratings (ratings) reflect Mountain Life’s balance
sheet strength, which AM Best assesses as strong, as well as its
marginal operating performance, very limited business profile and
appropriate enterprise risk management.
The ratings of Mountain Life have been placed under review with
developing implications as the company has been sold by Kentucky
National Insurance Group, LLC to MEM Capital LLC (MEM Capital).
Mountain Life now exists within MEM Capital's organizational
structure.
The new ownership group plans to introduce a multi-year
guaranteed annuity (MYGA) product to Mountain Life’s product
portfolio, which will diversify the liability profile and provide a
source of growth for the company. The MYGA product will be sold in
all states in which the company is currently licensed and will have
reinsurance support. There will also be a focus on improving
investment management. Capital contributions will be provided and a
capital maintenance agreement has been drafted to support the
company’s growth plans.
Mountain Life’s ratings will remain under review with developing
implications until AM Best can properly assess the company’s rating
fundamentals, both financially and operationally.
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.
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Tyler Samani Financial Analyst +1 908 882 2296
tyler.samani@ambest.com
Christopher Sharkey Associate Director, Public
Relations +1 908 882 2310
christopher.sharkey@ambest.com
Edward Kohlberg Director +1 908 882 1979
edward.kohlberg@ambest.com
Al Slavin Senior Public Relations Specialist +1
908 882 2318 al.slavin@ambest.com