OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best has placed under review with positive implications the
Financial Strength Rating (FSR) of A (Excellent) and the Long-Term
Issuer Credit Rating (Long-Term ICR) of “a” of Gerber Life Insurance
Company (Gerber Life) (White Plains, NY), following an announcement of
its sale to Western & Southern Financial Group, Inc. (WSFG).
Gerber Life is a wholly owned subsidiary of Nestlé Insurance Holdings,
Inc., which is a unit of Nestlé, S.A., a food and beverage conglomerate
with operations in almost every country in the world.
The under review with positive implications status of Gerber Life’s
Credit Ratings (ratings) is reflective of the financial and operational
benefits that both companies should derive from being acquired by a
large, higher-rated organization. WSFG is adding a highly recognized and
trusted brand to its business portfolio that should continue to expand
operations, and result in a moderate increase to its business profile.
Therefore, A.M. Best believes that WSFG will more supportive of Gerber
Life’s business, as it likely will represent a more strategic fit for
Gerber Life versus the current one with its existing parent. The ratings
of Gerber Life will remain under review until the close of the
transaction and a review by A.M. Best of the post-transaction details.
This press release relates to Credit Ratings that have been published
on A.M. 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 A.M. Best’s Recent
Rating Activity web page. For additional information
regarding the use and limitations of Credit Rating opinions, please view Understanding
Best’s Credit Ratings. For information on the proper media
use of Best’s Credit Ratings and A.M. Best press releases, please view Guide
for Media – Proper Use of Best’s Credit Ratings and A.M. Best Rating
Action Press Releases.
A.M. Best is a global rating agency and information provider with a
unique focus on the insurance industry. Visit www.ambest.com
for more information.
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its
affiliates. ALL RIGHTS RESERVED.
Louis Silvers, +1 908-439-2200, ext. 5802
Stefanelli, +1 908-439-2200, ext. 5063
Sharkey, +1 908-439-2200, ext. 5159
Manager, Public Relations
Peavy, +1 908-439-2200, ext. 5644