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 (21,345)
  • Industry Conferences (2)
  • Industry Job Openings (35)
  • Moore on the Market (427)
  • Negative Media (144)
  • Positive Media (73)
  • Sheryl's Articles (809)
  • Wink's Articles (354)
  • Wink's Inside Story (276)
  • Wink's Press Releases (123)
  • Blog Archives

  • May 2024
  • April 2024
  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • 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
  • September 2008
  • May 2008
  • February 2008
  • August 2006
  • AM Best Affirms Credit Ratings of Aspida Life Re Ltd. and Aspida Life Insurance Company

    May 2, 2023 by AM Best

    OLDWICK, N.J.–(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 Aspida Life Re Ltd. (Aspida Re) (Bermuda) and Aspida Life Insurance Company (Aspida Life) (Durham, NC). The outlook of these Credit Ratings (ratings) is stable.

    The ratings reflect Aspida Re’s and Aspida Life’s balance sheet strength, which AM Best assesses as very strong, as well as their adequate operating performance, neutral business profile and appropriate enterprise risk management.

    The ratings of Aspida Re and Aspida Life consider the strength of their balance sheets and overall liquidity sources, which have been bolstered by significant capital contributions from Ares Management Corporation (Ares) [NYSE: ARES], a publicly traded, leading global alternative investment management firm with over $350 billion of assets under management as of Dec. 31, 2022. AM Best expects additional capital contributions from Ares and other third-party investors to fund the current growth strategy of continued writing of retail annuity business at Aspida Life and acquiring new blocks of business and entering new reinsurance flow deals through Aspida Re. Aspida Re currently maintains the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Model (BCAR), while Aspida Life’s BCAR scores are above the level required for an assessment of very strong.

    Aspida Re has expanded its business profile over the past year with several new block acquisitions and reinsurance flow deals, including one with a prominent Japanese life insurance company. While GAAP accounting rules have resulted in significant volatility in reported earnings, the underlying profitability of Aspida Re’s blocks of business have generally been favorable and interest rate spreads have improved with the rise in investment yields and the repositioning of investments over the past year.

    Aspida Re and Aspida Life also benefit from a sound enterprise risk management approach with a well-developed framework and significant controls in place to mitigate unforeseen risks. The company also conducts extensive stress testing as required by regulators.

    While Aspida Re has expanded its business profile over the past year, it remains concentrated in interest-sensitive annuities, which currently account for all of its business. In addition, while AM Best acknowledges the favorable track record and extensive investment experience of Ares, exposure to less liquid and somewhat higher risk investments in Aspida Life and Aspida Re’s general accounts are somewhat elevated compared with industry averages. While the companies’ assets and liabilities are well-matched, the large number of unrealized losses experienced industry-wide due to the rapid rise in interest rates is an additional concern.

    Aspida Life began marketing multiple annuity products through a diverse distribution platform that includes independent marketing organizations, banks and broker-dealers in mid-2022, and generated statutory net written premiums of over $600 million at year-end 2022. Aspida Life and Aspida Re benefit from the systems, management team and operational and risk management functions that have been established within the Aspida organization. As with any new organization, both companies face execution risks, which are magnified by the increasing competitive market environment in which they operate. AM Best will continue to monitor the companies’ ability to execute on their current business plans without any material adverse deviation from expected capitalization levels and earnings expectations.

    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 use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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

    Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

    Contacts

    Michael Adams
    Associate Director
    +1 908 439 2200, ext.1592
    michael.adams@ambest.com

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

    Michael Porcelli
    Senior Director
    +1 908 439 2200, ext.2250
    michael.porcelli@ambest.com

    Al Slavin
    Senior Public Relations Specialist
    +1 908 439 2200, ext. 5098
    al.slavin@ambest.com

    Originally Posted at Business Wire on April 28, 2023 by AM Best.

    Categories: Industry Articles
    currency