A.M. Best Upgrades Ratings of Sterling Life Insurance Company; Ratings Remain Under Review
September 01 2015 - 4:15PM
Business Wire
A.M. Best has upgraded the financial strength rating to
A- (Excellent) from B++ (Good) and the issuer credit rating to "a-"
from "bbb" of Sterling Life Insurance Company (Sterling)
(Chicago, IL). Additionally, A.M. Best has revised the under review
implications status on the ratings to developing from positive.
The rating action follows the completed acquisition of Sterling
by Cigna Corporation (Cigna) [NYSE:CI]. Sterling should
benefit from Cigna’s financial strength and parental support if
needed. The acquisition of Sterling fits Cigna's strategy to
further increase the scale of its Medicare supplement business. The
ratings of all Cigna’s subsidiaries remain under review with
developing implication following the announcement of Cigna’s
acquisition by Anthem, Inc. (Anthem) [NYSE:ANTM]. That
acquisition is subject to multiple regulatory approvals and is
expected to close in late 2016.
This press release relates to rating(s) that have been
published on A.M. 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 visit A.M.
Best’s Ratings & Criteria Center.
A.M. Best Company is the world's oldest and most
authoritative insurance rating and information source. For more
information, visit www.ambest.com.
Copyright © 2015 by A.M. Best Company,
Inc. ALL RIGHTS RESERVED.
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version on businesswire.com: http://www.businesswire.com/news/home/20150901006664/en/
A.M. BestDoniella Pliss, 908-439-2200, ext.
5104Senior Financial
Analystdoniella.pliss@ambest.comorChristopher
Sharkey, 908-439-2200, ext. 5159Manager, Public
Relationschristopher.sharkey@ambest.comorStephen
Irwin, 908-439-2200, ext. 5454Vice
Presidentstephen.irwin@ambest.comorJim Peavy,
908-439-2200, ext. 5644Assistant Vice President, Public
Relationsjames.peavy@ambest.com
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