A.M. Best has upgraded the Long-Term Issuer Credit Rating to bbb+ from bbb and affirmed the Financial Strength Rating of B++ (Good) of Partners Life Limited.
Partners Life Managing Director Naomi Ballantyne says, “We are pleased to have received an uplift of our Issuer Credit Rating. As a young company our rating was always constrained. Having now reached our five-year milestone, the continued strong earnings performance of the company, coupled with Blackstone’s $200 million capital commitment, has led A.M. Best to this ratings upgrade.”
“Alongside our increased capital position, in upgrading our rating A.M. Best has also recognized our leading market share, competitive advantages in term of cost efficiency and close ties with the financial adviser channel.”
Sean Kam, Partners Life CFO, says,
“Blackstone’s investment gives us incredible financial flexibility. The investment was completed late last year and we are working through our plans to best use the capital. We anticipate that A.M. Best will give us further credit for this as we begin to deploy the capital over the next 12 to 18 months.”
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