A.M. Best Affirms Ratings of Wilton Re Holdings Limited and Its Subsidiaries

April 24, 2015

(Wilton, CT)  A.M. Best has upgraded the issuer credit ratings (ICR) to “a+” from “a” and affirmed the financial strength rating of A (Excellent) of Wilton Reinsurance Bermuda Limited (Bermuda), Wilton Reassurance Company (Minneapolis, MN), Texas Life Insurance Company (Waco, TX), Heritage Union Life Insurance Company (headquartered in Wilton, CT), Wilton Reassurance Life Company of New York (Rye Brook, NY), Wilcac Life Insurance Company (formerly known as Continental Assurance Company) (Chicago, IL) and Conseco Life Insurance Company (Carmel, IN), collectively referred to as Wilton Re. The outlook for all ratings is stable.

Additionally, A.M. Best has upgraded the ICRs to “bbb+” from “bbb” of Wilton Re Ltd (Nova Scotia, Canada) and Wilton Re Finance, LLC (Wilton Re Finance) (Delaware), as well as the debt rating to “bbb+” from “bbb” on the $300 million 5.875% senior unsecured notes due 2033 of Wilton Re Finance. The notes are unconditionally guaranteed by its parent, Wilton Re U.S. Holdings, Inc. (Delaware) and the ultimate parent, Wilton Re Ltd.  A.M. Best notes that Wilton Re Ltd’s adjusted financial leverage and interest coverage are within A.M. Best’s expectations. The outlook for these ratings is stable and can be accessed here.

The rating upgrades reflect Wilton Re’s solid risk-adjusted capitalization level, its recent increased transaction activity, strong operating earnings and high quality balance sheet and liability structure, which are principally focused on mortality risk. Also recognized is the ongoing commitment by the new ultimate parent, Canada Pension Plan Investment Board (CPPIB), to provide capital to Wilton Re in support of continued growth.