AM Best Comments on Credit Ratings of Members of ReliaStar Life Insurance Group Following Announcement of Sale of Voya Financial, Inc.’s Life Business
OLDWICK, N.J.--(BUSINESS WIRE)--Dec 19, 2019--
AM Best has commented that the Credit Ratings (ratings) of ReliaStar Life Insurance Company of New York (Woodbury, NY) and ReliaStar Life Insurance Company (Minneapolis, MN), collectively known as ReliaStar Life Insurance Group (ReliaStar), remain unchanged following the Dec. 18, 2019, announcement of the sale by its parent, Voya Financial, Inc. (Voya), of the individual life and other legacy non-retirement annuities business, including remaining fixed and variable annuities pension risk transfer liabilities.
Security Life of Denver Insurance Company, Security Life of Denver International Limited, Midwestern United Life Insurance Company, Roaring River II, Inc., Roaring River IV LLC and Voya America Equities will be sold by Voya and acquired by a new holding company, Resolution Life US (created by Resolution Life Group Holdings LP to hold these blocks of business). Prior to the deal’s close, Voya will reinsure the life insurance, pension risk transfer and non-retirement annuities business issued by ReliaStar and the Voya Retirement Insurance and Annuity Company to Security Life of Denver Insurance Company. Voya will retain ownership of these entities and take a $225 million interest in Resolution Life Group Holdings LP.
AM Best expects the sale to increase ReliaStar’s risk-adjusted capital and rates of return while increasing product concentration.
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 provider specializing in the insurance industry. The company does business in more than 100 countries. Headquartered in Oldwick, NJ, AM Best has offices in cities around the world, including London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
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KEYWORD: EUROPE UNITED STATES NORTH AMERICA NEW YORK MINNESOTA NEW JERSEY
INDUSTRY KEYWORD: INSURANCE PROFESSIONAL SERVICES
SOURCE: AM Best
Copyright Business Wire 2019.
PUB: 12/19/2019 09:22 AM/DISC: 12/19/2019 09:22 AM