OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has placed under review with developing implications the
Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit
Rating of “bbb-” of Individual Assurance Company, Life, Health &
Accident (IAC) (Edmond, OK).
These Credit Rating (rating) actions reflect IAC entering into a
definitive agreement with LifeShield National Insurance Co. (LifeShield
National), under which LifeShield National will acquire IAC as a wholly
owned subsidiary. The transaction is expected to close in the second or
third quarter of 2019, subject to regulatory approval.
Oklahoma City-based LifeShield National is a life and accident and
health insurance carrier operating primarily in the worksite accident
and health market, but is growing its individual life business. The
company assumes and cedes business from other carriers in conjunction
with various insurance programs. IAC is also a life and accident and
health insurer, marketing chiefly Medicare supplement and group term
life products, with an established market niche within governments and
small employers in the Pacific region. LifeShield National anticipates
gaining access to IAC’s administrative services only (ASO) capabilities,
while IAC looks forward to gaining access to continued strong capital
support, additional distribution channels and greater information
technology capabilities.
The ratings will remain under review pending further discussions with
IAC’s management in the coming months, as AM Best reviews the nature of
the transaction to determine its potential impact on the company.
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
Brian Virostek
Financial Analyst
+1 908 439
2200, ext. 5531
[email protected]
Jeffrey
Lane
Senior Financial Analyst
+1 908 439 2200,
ext. 5537
[email protected]
Christopher
Sharkey
Manager, Public Relations
+1 908 439
2200, ext. 5159
[email protected]
Jim
Peavy
Director, Public Relations
+1 908 439
2200, ext. 5644
[email protected]
