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 (16,052)
  • Industry Conferences (3)
  • Industry Job Openings (9)
  • Negative Media (135)
  • Positive Media (73)
  • Sheryl's Articles (592)
  • Sheryl's Blogs (168)
  • Wink's Articles (227)
  • Wink's Blogs (211)
  • Wink's Press Releases (93)
  • Blog Archives

  • 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
  • AM Best Comments on Credit Ratings of Equitable Holdings, Inc. and Its Life Subsidiaries Following Announcement of a Reinsurance Agreement With Venerable Holdings, Inc.

    November 4, 2020 by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has commented that the Financial Strength Ratings (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of Equitable Financial Life Insurance Company (Equitable Financial) (New York, NY) and Equitable Financial Life Insurance Company of America (Phoenix, AZ) remain unchanged, following the announcement that Equitable Financial and AllianceBernstein (AB) have entered into an agreement with Venerable Holdings, Inc. (Venerable) to reinsure $12 billion of legacy variable annuity (VA) policies sold between 2006-2008 and to select AB as the preferred investment manager for the assets. Venerable’s obligations under the reinsurance transaction will be secured by a comfort trust with an initial balance of approximately $12 billion of general account assets. As part of the transaction, Equitable Holdings, Inc. also will sell its run-off VA reinsurance entity, Corporate Solutions Life Reinsurance Company. Concurrently, AM Best has commented that the Long-Term ICR of “bbb+” of Equitable Holdings, Inc. [NYSE: EQH] (headquartered in New York, NY) and all of its Long-Term Issue Credit Ratings (Long-Term IR) also remain unchanged. The outlook of these Credit Ratings (ratings) is stable.

    Venerable is a privately held company with over $16 billion in assets under management that brings industry experience in managing solutions in consolidation of VA blocks and the creation of long-term economic value, backed by a consortium of investors, including Apollo Global Management, LLC, Crestview Partners and Reverence Capital Partners. Equitable Holdings, Inc. is in discussions to acquire a 9.9% equity stake and a board seat as part of the reinsurance transaction, providing additional governance oversight. AB will continue to manage approximately 80% of the transferred general account assets it currently manages. Equitable Financial plans to continue administering all of the reinsured policies.

    The transferred block will represent approximately 33% of the Equitable Holdings, Inc.’s fixed-rate GMxB business or 13% of the total VA policies inforce as of June 30, 2020. The transaction will create an estimated $1.2 billion of value on a statutory accounting basis, through an $800 million capital release, approximately $300 million of consideration paid by Venerable, and a $100 million tax benefit. While AM Best anticipates that Equitable Holdings, Inc. will utilize a portion of this value for share repurchases over the near term, the company is expected to maintain risk-adjusted capital ratios and debt-to-capital ratios in line with its long-term targets. The closing date of the transaction is expected sometime in the second quarter of 2021, subject to closing conditions and regulatory approvals.

    AM Best intends to monitor the overall performance of the reinsurance program, as well as the company’s capital adequacy and operating performance going forward.

    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 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 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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

    Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

    Contacts

    Igor Bass
    Financial Analyst
    +1 908 439 2200, ext. 5109
    igor.bass@ambest.com

    Thomas Rosendale
    Senior Director
    +1 908 439 2200, ext. 5209
    rosemarie.mirabella@ambest.com

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

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

    Originally Posted at Business Wire on October 28, 2020 by AM Best.

    Categories: Industry Articles
    currency