AM Best Assigns "Excellent" Credit Ratings to Everly Life Insurance Company
Key Takeaway
Oldwick //BestWire// - AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Everly Life Insurance Company (Everly Life) (Topeka, KS). The outlook assigned to these Credit Ratings (ratings) is stable.
On January 25th, 2024, Oldwick //BestWire// - AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Everly Life Insurance Company (Everly Life) (Topeka, KS). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Everly Life’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
SBL Holdings, Inc. (Security Benefit) launched Everly LLC in 2020 as its digital agency platform to offer Security Benefit Life Insurance Company’s accumulation-focused universal life insurance product directly to consumers. In July 2022, Security Benefit acquired Settlers Life Insurance Company, a Wisconsin-domiciled, 49-state insurance company, which has since been rebranded to Everly Life Insurance Company. Everly Life is well-capitalized and positioned to launch its first innovative product, an indexed universal life (IUL) in 2024. Everly Life will administer its IUL product through its affiliate, Zinnia, and the product will be distributed initially through Zinnia’s subsidiary, Policygenius, an online marketplace combining cutting-edge technology with the expertise of licensed agents to help consumers get the coverage they need.
Everly Life’s risk-adjusted capitalization is projected to remain at least at the very strong level over the next several years, as measured by Best’s Capital Adequacy Ratio (BCAR), with explicit capital support from Security Benefit for growth of the organization if needed. In addition, statutory earnings are expected to grow over the next few years as the business gains scale. Everly Life will share a common advisory team, back-office administration and risk management program with Security Benefit. AM Best notes that there is a high degree of competition currently in the market and execution risks remain high with Everly Life’s initial focus on the direct-to-consumer online marketplace. AM Best will closely monitor the newly created organization’s ability to meet its projected targets successfully.
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 Performance Assessments, 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 specializing 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.
*https://news.ambest.com/newscontent.aspx?refnum=255600&altsrc=23
† A.M. Best’s 15 ratings are a measure of claims-paying ability and range from A++ (Superior) to F (in Liquidation).Ratings are current as of January 25, 2024 and subject to change at any time. While ratings can be objective indicators of an insurance company’s financial strength and can provide a relative measure to help select among insurance companies, they are not guarantees of the future financial strength and/or claims-paying ability of a company and do not apply to any underlying variable portfolios. The insurance agency from which a policy is purchased, and any affiliates of those entities, make no representations regarding the quality of the analysis conducted by the rating agencies. The rating agencies are not affiliated with the above-mentioned entities, nor are these entities involved in any rating agency’s analysis of the insurance companies.
The information above is for educational use only and does not represent insurance, tax or legal advice. It is not a recommendation or solicitation to buy insurance. Please talk to your licensed insurance agent for more information about life insurance and your needs. Please consult with the appropriate professional for tax or legal advice. Guarantees are backed by the claims-paying ability of the issuing insurance company.