A.M. Best Withdraws Ratings of Presidential Life Insurance Company – USA
May 23, 2013 by Best's News Service
OLDWICK, N.J. – A.M. Best Co. has withdrawn the financial strength rating of B++ (Good) and the issuer credit rating of “bbb” of Presidential Life Insurance Company – USA (formerly Great American Life Assurance Company) (Wilmington, DE).
The withdrawal of the ratings was due to the change in business strategy following Athene Holding Ltd.’s (Athene) December 2012 acquisition of Presidential Life Insurance Company (PLIC). In early 2012, PLIC purchased Great American Life Assurance Company as a shell company just prior to Athene’s subsequent purchase of PLIC and no business has been written to date.
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 http://www.ambest.com/ratings/methodology. BN-NJ-05-22-2013 1133 ET #
