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  • AM Best Changes Credit Ratings of Colorado Bankers Life Insurance Company and Bankers Life Insurance Company Following Regulatory Action

    July 9, 2019 by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has removed from under review with negative implications and changed the Financial Strength Rating (FSR) to a Non-Rating Designation of E (Under Regulatory Supervision) from B++ (Good) and the Long-Term Issuer Credit Rating to “e” from “bbb” of Colorado Bankers Life Insurance Company (CBL) (Durham, North Carolina). Concurrently, AM Best has removed from under review with negative implications and changed the FSR to a Non-Rating Designation of E (Under Regulatory Supervision) from B (Fair) and the Long-Term Issuer Credit Rating to “e” from “bb” of Bankers Life Insurance Company (BLIC) (Durham, North Carolina). These rating actions follow a court decision that placed the company into rehabilitation.

    CBL and BLIC were placed into rehabilitation on June 27, 2019, by the Superior Court of Wake County, North Carolina. In April 2019, ultimate controlling shareholder Greg Lindberg was indicted in a federal investigation related to charges of wire fraud, and it was announced that the group was active in discussions with potential acquirers to sell the operating insurance companies. The group has been unable to sell CBL and BLIC at this time and the companies will begin a rehabilitation process. The North Carolina Commissioner of Insurance has been appointed as the rehabilitator for CBL and BLIC.

    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 Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

    AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.

    Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

    Contacts

    Jason MacKenzie 
    Financial Analyst
    +1 908 439 2200, ext. 5649 
    jason.mackenzie@ambest.com 

    Christopher Sharkey 
    Manager, Public Relations
    +1 908 439 2200, ext. 5159 
    christopher.sharkey@ambest.com 

    Anthony McSwieney 
    Senior Financial Analyst
    +1 908 439 2200, ext. 5715 
    anthony.mcswieney@ambest.com 

    Jim Peavy 
    Director, Public Relations 
    +1 908 439 2200, ext. 5644 
    james.peavy@ambest.com

    Originally Posted at Business Wire on June 27, 2019 by AM Best.

    Categories: Industry Articles
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