AM Best Upgrades Credit Ratings of Oceanview Life and Annuity Company and Oceanview Reinsurance Ltd. to “A”
OLDWICK – NOVEMBER 01, 2023 03:10 PM (EDT)
AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings to “A” (Excellent) from “A-” (Excellent) of Oceanview Life and Annuity Company (Oceanview Life) (headquartered in Phoenix, AZ) and its reinsurer affiliate, Oceanview Reinsurance Ltd. (OVRe) (Hamilton, Bermuda). These companies are collectively referred to as Oceanview. The outlook of these Credit Ratings (ratings) has been revised to stable from positive.
The ratings reflect Oceanview’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The rating changes consider Oceanview’s continued growth in capital needed to support a growing book of business driven by recently established profitability and continued capital support from the parent company. AM Best expects positive earnings growth to contribute to Oceanview’s capital growth along with a continued but declining need in the level of capital support required by the parent.
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.