OLDWICK, NJ, August 20, 2024–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) of LifeMap Assurance Company (LifeMap) (Portland, OR). The outlook of the credit ratings (ratings) is stable. At the same time, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best’s interactive rating process.
The ratings reflect LifeMap’s balance sheet strength, which is ranked as the strongest by AM Best, as well as its marginal operating performance, limited business profile, adequate enterprise risk management and the support of its owners.
LifeMap is a wholly owned subsidiary of Life and Specialty Ventures, LLC (LSV). Ownership of LifeMap was transferred from Cambia Health Solutions, Inc. (Cambia) to LSV on January 3, 2022 through the execution of a partnership agreement. The supplemental health, group life and disability insurance business written by LifeMap will be transferred to its subsidiary USAble Life Insurance Company (USAL) upon renewal, and LifeMap will no longer write new business. The dental business written by LifeMap has been transferred to Cambia’s Blue Cross Blue Shield plan subsidiaries and will be administered by USAL.
Prior to the withdrawals, LifeMap’s affirmation reflects its balance sheet strength rating at the strongest level, based on its strongest risk-adjusted capitalization level, as measured by Best’s Capital Adequacy Ratio (BCAR). LifeMap’s ratings take into account the implied support of LSV and its controlling owners: Blue Cross Blue Shield of Florida, USAble Mutual Insurance Company and Cambia.
This press release refers to credit ratings published on AM Best’s website. All rating information related to this publication and related disclosures, including the identification of the bureau responsible for assigning each credit rating mentioned in this press release, can be found on AM Best’s website. Current review activity Website. For more information on the use and limitations of credit rating opinions, see Guide to Best Credit Ratings. For information regarding the proper use of AM Best’s credit ratings, performance ratings, preliminary credit ratings and press releases, please visit Guide to the correct use of Best’s ratings and reviews.
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 operates in over 100 countries and has offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
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