BATON ROUGE, La.--(BUSINESS WIRE)--Guaranty Income Life Insurance Company (“GILICO”), a life and annuity affiliate of Kuvare US Holdings, Inc. (Kuvare) headquartered in Baton Rouge, earned an AM Best Financial Strength Rating (FSR) of A- (Excellent), upgraded from B++ (Good). AM best also noted a stable outlook for the GILICO ratings.
Kuvare Chief Executive Officer Dhiren Jhaveri noted, “The AM Best rating upgrade acknowledges GILICO’s balance sheet strength, strong operating performance and business profile. We will continue to execute our strategy to grow our business and remain committed to our mission and long-term financial strength in support of our policyholders and distribution partners.”
According to AM Best’s announcement of the upgrade, “The ratings of GILICO reflect its balance sheet strength, which AM Best assesses as strong, as well as [GILICO’s] adequate operating performance, neutral business profile and appropriate enterprise risk management.” AM Best also stated, “GILICO’s rating upgrades reflect the increased synergies with sister company, [United Life Insurance Company], including common management and business strategies supporting Kuvare’s retail operations.”
GILICO President Joe Wieser commented, “GILICO takes great pride in its financial strength, technology solutions and focus on delivering outstanding service to agents and policyholders.” Wieser added, “We have safeguarded the financial future of our policyholders and their families for nearly 100 years. Our strength and enduring stability stems from the unwavering support and collaboration with Kuvare, along with the best-in-class asset management and reinsurance services provided by our affiliates Kuvare Insurance Services and Kuvare Life Re, respectively.”
In addition, AM Best has affirmed the FSR of A- (Excellent) of United Life Insurance Company of Cedar Rapids, IA. The outlook of this rating remained stable. Concurrently, AM Best has affirmed the FSR of A- (Excellent) of Lincoln Benefit Life Company (LBL), headquartered in Rosemont, IL. This LBL rating outlook is negative.
About GILICO
Since 1926, Guaranty Income Life Insurance Company (GILICO) has been creating best-in-class wealth solutions that generate income and peace of mind for individuals and families, including competitive annuity and long-term care products and services. In 2016, GILICO, based in Baton Rouge, Louisiana, became a subsidiary of Kuvare US Holdings, Inc. and is now licensed in 46 states as well as the District of Columbia. Protecting wealth is our Guaranty.®
About Kuvare
Kuvare is a technology-enabled financial services platform that provides insurance, reinsurance, and asset management solutions. Headquartered in Chicago, Kuvare focuses on delivering value-oriented solutions to the middle market. Founded in 2015, Kuvare is committed to a sustainable growth strategy, backed by a consortium of long-term capital partners. The family of Kuvare companies includes Lincoln Benefit Life Company, Guaranty Income Life Insurance Company, United Life Insurance Company, Kuvare Life Re (Bermuda), and Kuvare’s affiliated investment management business, Kuvare Insurance Services LP.
