We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (16,771)
  • Industry Conferences (3)
  • Industry Job Openings (3)
  • Negative Media (138)
  • Positive Media (73)
  • Sheryl's Articles (624)
  • Sheryl's Blogs (178)
  • Wink's Articles (242)
  • Wink's Blogs (225)
  • Wink's Press Releases (93)
  • Blog Archives

  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • May 2008
  • February 2008
  • August 2006
  • A.M. Best Upgrades Ratings of Security Benefit Life Insurance Company and Its Affiliate

    August 2, 2011 by N/A

    OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best Co. has upgraded the financial strength rating (FSR) to       B+ (Good) from B (Fair) and issuer credit ratings (ICR) to “bbb-” from       “bb” of Security Benefit Life Insurance Company (Topeka, KS) and       its affiliate, First Security Benefit Life and Annuity Company of New       York (Rye Brook, NY) (collectively known as Security Benefit Group).

    In addition, A.M. Best has upgraded the debt ratings to “bb-” from “b+”       on the existing surplus notes issued by Security Benefit Life Insurance       Company. All ratings have been removed from under review with positive       implications and assigned a stable outlook. Both companies are       subsidiaries of Security Benefit Corporation, which will be controlled       by a new holding company led by Guggenheim Partners (Guggenheim). (See       below for a detailed listing of the debt ratings.) With the completion       of the acquisition transaction by Guggenheim on July 30, 2010, Security       Benefit Mutual Holding Corporation has been demutualized.

    The rating actions reflect Security Benefit Group’s improved       risk-adjusted capitalization, which is supported by a large cash capital       infusion by Guggenheim, enhanced financial flexibility to support new       business growth opportunities and the potential improvement in the asset       allocation strategy given the benefits of Guggenheim’s investment       expertise. A.M. Best also notes that Security Benefit Group’s financial       leverage and exposure to a high level of intangible assets associated       with the past acquisition of the Rydex Holdings transaction will be       lowered as a result of the fresh capital contribution from Guggenheim.

    Security Benefit Group’s relationship with Guggenheim, who has managed       the group’s investment portfolio since June 2009, provides it with       investment management expertise, better asset/liability management focus       and potential improvement to the group’s asset allocation strategy going       forward. Security Benefit Group’s GAAP and statutory operating income       have improved in recent periods due to improved investment results and       reduction of its operating expenses as well as an improvement in the       financial markets, which positively impacted guaranteed minimum death       benefit reserves and surrender activity.

    Partially offsetting factors are the group’s reduced premiums,       particularly within its variable annuity lines of business, high asset       allocation to residential mortgage-backed securities, which are mostly       agency sponsored bonds, reduced but still a large unrealized loss       position in its general account portfolio tied to collateralized debt       obligations and other structured asset classes, and its large affiliated       investment in SGI-Rydex, which represents significant exposure relative       to its capital and surplus position. The group also will face challenges       as it attempts to rebuild marketing momentum in its core variable and       fixed annuity businesses, sold primarily to the 403(b) retirement       marketplace.

    A.M. Best expects that the levels of risk-adjusted capitalization,       financial leverage ratios and operating results will continue to support       the current ratings. A.M. Best also expects that the level of intangible       assets at the holding company will be at a manageable level following       the completion of the restructuring.

    The following debt ratings have been upgraded:

    Security Benefit Life Insurance Company—

    — to “bb-” from “b+” on $50 million 8.75% surplus notes, due 2016

    — to “bb-” from “b+” on $100 million 7.45% surplus notes, due 2033

    For Best’s Credit Ratings, an overview of the rating process and rating       methodologies, please visit www.ambest.com/ratings.

    The principal methodologies used in determining these ratings, including       any additional methodologies and factors that may have been considered,       can be found at www.ambest.com/ratings/methodology.

    Founded in 1899, A.M. Best Company is a global full-service credit       rating organization dedicated to serving the financial and health care       service industries, including insurance companies, banks, hospitals and       health care system providers. For more information, visit www.ambest.com.

    Contacts

    A.M. Best Co.
    Analysts:
    Frank Walko,       908-439-2200, ext. 5072
    frank.walko@ambest.com
    or
    Raj       H. Shah, 908-439-2200, ext. 5409
    raj.shah@ambest.com
    or
    Public       Relations:
    Rachelle Morrow, 908-439-2200, ext. 5378
    rachelle.morrow@ambest.com
    or
    Jim       Peavy, 908-439-2200, ext. 5644
    james.peavy@ambest.com

    Originally Posted at BestWire on August 2, 2011 by N/A.

    Categories: Industry Articles
    currency