CNO Bermuda Re parent firm maintains ratings from AM Best
CNO Bermuda Re parent firm maintains ratings from AM Best | Insurance Business America
Reinsurance
CNO Bermuda Re parent firm maintains ratings from AM Best
The newly established affiliate recently secured a strategic reinsurance transaction
Reinsurance
By
Kenneth Araullo
AM Best has maintained its ratings for CNO Bermuda Re and other life/health insurance subsidiaries of CNO Financial Group, headquartered in Carmel, Indiana.
The financial rating agency has reaffirmed the financial strength rating (FSR) of A (Excellent) and the long-term issuer credit ratings (Long-Term ICR) of “a” (Excellent) for these subsidiaries, collectively known as CNO Financial Group (CNO).
Additionally, the Long-Term ICR of “bbb” (Good) and the Long-Term Issue Credit Ratings (Long-Term IRs) of CNO Financial Group itself have also been affirmed. The outlook for these ratings remains stable.
CNO’s recent strategic reinsurance transaction through its newly established affiliate, CNO Bermuda Re, which included $6.2 billion of in-force fixed index annuity (FIA) statutory reserves, reflects the company’s commitment to enhancing capital efficiency and managing risks effectively, it was stated.
Despite facing stiff competition in the markets it serves, CNO has managed to secure a competitive edge through its varied distribution channels and advanced technological infrastructure, AM Best said.
The company’s proactive risk management, including comprehensive stress testing and risk measurement practices, was also recognized by AM Best.
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