AM Best Places Credit Ratings of Cigna Life Insurance New Zealand Limited Under Review With Positive Implications
October 11 2021 - 12:28PM
Business Wire
AM Best has placed under review with positive
implications the Financial Strength Rating of A (Excellent) and the
Long-Term Issuer Credit Rating of “a” (Excellent) of Cigna Life
Insurance New Zealand Limited (CLINZ) (New Zealand).
These Credit Rating (rating) actions follow the announcement on
7 October 2021, that Cigna Corporation [NYSE:CI], CLINZ’s ultimate
parent, has entered into a definitive agreement to sell its life,
accident and supplemental benefits businesses in seven countries,
including CLINZ, to Chubb Limited (Chubb group) [NYSE:CB] for USD
5.75 billion. The transaction, which is subject to required
regulatory approvals and customary closing conditions, is expected
to be completed in 2022.
The ratings have been placed under review with positive
implications as AM Best needs to assess the impact of the planned
acquisition on CLINZ’s credit fundamentals, including any potential
increase in rating enhancement that could arise from the change in
ownership. In addition, AM Best will need to consider the planned
integration of CLINZ within the Chubb group, any expected changes
in strategy and any implicit or explicit support to be provided by
the new parent.
The ratings will remain under review pending completion of the
transaction, and until AM Best can fully assess the
post-acquisition credit rating fundamentals of CLINZ.
Ratings are communicated to rated entities prior to
publication. Unless stated otherwise, the ratings were not amended
subsequent to that communication.
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 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 specialising 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 © 2021 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Sin Yee Chuah Financial Analyst +65 6303
5022 sinyee.chuah@ambest.com
Christopher Sharkey Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Myles Gould Director, Analytics +44 207 397
0304 myles.gould@ambest.com
Jim Peavy Director, Communications +1 908 439
2200, ext. 5644 james.peavy@ambest.com
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