OLDWICK: Rating agency AM Best has assigned a Financial Strength Rating of A+ (Superior) and a Long-Term Issuer Credit Rating of “aa” to London Life International Reinsurance Corporation (LLIRC) (Barbados).
The outlook assigned to the Credit Ratings is stable. London Life is rated as part of the group rating for The Canada Life Assurance Company (Canada Life), and thus, has been assigned the same ratings.
The ratings of London Life, through the company’s affiliation with Canada Life, reflect a balance sheet strength that AM Best categorizes as strongest, as well as its strong operating performance, very favorable business profile and appropriate enterprise risk management.
LLIRC was incorporated in 1989 and is a member of the Great-West Lifeco Inc. group of companies; its direct parent is Canada Life, a leading Canada-based life insurer. LLIRC’s ratings primarily reflect the support received from Canada Life.
The company is a composite reinsurer licensed to write life reinsurance, as well as annuity and property/casualty reinsurance business. However, LLIRC currently writes just U.S. business, almost exclusively with U.S. affiliates.
Fitch Ratings has assigned an Insurer Financial Strength (IFS) rating of ‘AA’ to London Life International Reinsurance Corporation (LLIRC). The Rating Outlook is Stable.
LLIRC’s ratings reflect Fitch’s assessment that the entity is core to Great-West Lifeco (GWO). LLIRC is a Barbados-domiciled entity that was incorporated in 1989. The entity is part of GWO’s Capital and Risk Solutions segment, which provides meaningful earnings diversification for the organization.
LLIRC is small relative to GWO, but plays a key role as an affiliated reinsurer for U.S. business. The vast majority of its business relates to liabilities assumed from related entities. Fitch believes that GWO has both the ability and willingness to support LLIRC and there is a track record of support.