GEORGE TOWN, Cayman Islands, Nov. 26, 2018 /PRNewswire/ -- FGL Holdings (NYSE: FG), a leading provider of fixed indexed annuities and life insurance, announced today that rating agency A.M. Best upgraded the financial strength rating for F&G's operating companies to "A-" (Excellent) on November 20. Additionally, A.M. Best assigned a financial strength rating of "A-" for F&G's reinsurance business based in Bermuda, F&G Reinsurance Ltd. A.M. Best also assigned the outlook of "stable" to these credit ratings.
A.M. Best's ratings and analysis are intended to assess the level of corporate financial strength and creditworthiness. The "A-" financial strength rating is A.M. Best's fourth highest rating category.
"These new ratings reflect our outstanding progress and momentum as we position F&G to realize its potential," said Chris Littlefield, FGL Holdings President and Chief Executive Officer. "We view these ratings as important validation of the capital and risk disciplines we have in place as we continue to expand our retail businesses into new channels and position our reinsurance business for significant growth."
A.M. Best cited F&G group's "solid and improved risk-adjusted capitalization, strong financial flexibility and improved investment management capabilities," noting F&G's "operating companies have reported generally positive earnings and hold a strong competitive position in the fixed-indexed annuity (FIA) market." The rating agency also noted the strength of F&G's investment management capabilities "as the group benefits from its new relationship with Blackstone Insurance Solutions Group, which provides F&G with access to Blackstone resources."
The financial strength rating has been upgraded to "A-" (Excellent) from "B++" (Good) and the long-term issuer credit rating to "a-" from "bbb+", with the outlook of these ratings revised to stable from positive, for the following operating subsidiaries:
- Fidelity & Guaranty Life Insurance Company
- Fidelity & Guaranty Life Insurance Company of New York
A new financial strength rating of "A-" (Excellent) and a long-term issuer credit rating of "a-" has been issued, with outlook of these ratings as stable, for the following operating subsidiary:
- F&G Reinsurance Ltd
The long-term issuer credit rating of Fidelity & Guaranty Life Holdings, Inc. (FGLH) has been upgraded, with the outlook of this rating revised to stable from positive:
-- to "bbb-" from "bb+" on $550 million 5.5% senior unsecured notes, due 2025
A.M. Best is one of the four major rating agencies F&G uses to provide an independent assessment of the company's financial strength. A.M. Best is a global rating agency and information provider with a unique focus on the insurance industry.
About FGL Holdings
FGL Holdings, an insurance holding company, helps middle-income Americans prepare for retirement. Through its subsidiaries, the company is a leading provider of annuity and life insurance products. FGL Holdings, domiciled in the Cayman Islands, trades on the New York Stock Exchange under the ticker symbol FG. For more information, please visit www.fglife.bm.
SOURCE FGL Holdings