A.M. Best Comments on Credit Ratings of ERAC Group Members Following Announced Reserve Charges
January 30 2018 - 10:45AM
Business Wire
A.M. Best has commented that the Credit Ratings (ratings)
of Employers Reassurance Corporation and Union Fidelity
Life Insurance Company (both domiciled in Overland Park, KS)
remain unchanged following the Jan. 16, 2018, announcement that
General Electric Company (GE) [NYSE: GE] will contribute
approximately $15 billion of statutory capital over a seven-year
period to strengthen the long-term care reserves of these two
insurance subsidiaries, which are collectively referred to as the
ERAC Group. GE will also take a $6.2 billion after-tax GAAP
insurance loss in the fourth quarter as a result of this ongoing
review of its insurance legacy portfolio that began earlier in
2017.
A.M. Best notes that the ratings of the ERAC Group continue to
be supported by the implicit and explicit capital support (evidence
through capital maintenance agreements) provided by GE and that
negative rating actions could occur if the financial strength of GE
deteriorates.
This press release relates to Credit Ratings 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 see A.M.
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 A.M. Best press releases, please view
Guide for Media - Proper Use of Best’s Credit Ratings and A.M.
Best Rating Action Press Releases.
A.M. Best is the world’s oldest and most authoritative
insurance rating and information source. For more information,
visit www.ambest.com.
Copyright © 2018 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180130005939/en/
A.M. BestIgor Bass, +1-908-439-2200, ext.
5109Financial Analystigor.bass@ambest.comorEdward
Kohlberg, +1-908-439-2200, ext. 5664Associate
Directoredward.kohlberg@ambest.comorChristopher Sharkey,
+1-908-439-2200, ext. 5159Manager, Public
Relationschristopher.sharkey@ambest.comorJim Peavy,
+1-908-439-2200, ext. 5644Director, Public
Relationsjames.peavy@ambest.com
GE Aerospace (NYSE:GE)
Historical Stock Chart
From Mar 2024 to Apr 2024
GE Aerospace (NYSE:GE)
Historical Stock Chart
From Apr 2023 to Apr 2024