AM Finest has positioned beneath assessment with unfavourable implications the Monetary Energy Score (FSR) of B++ (Good) and the Lengthy-Time period Issuer Credit score Score (Lengthy-Time period ICR) of “bbb+” of Colorado Bankers Life Insurance coverage Firm (CBL) (Durham, NC).
Concurrently, AM Finest has positioned beneath assessment with unfavourable implications the FSR of B (Truthful) and the Lengthy-Time period ICR of “bb+” of Bankers Life Insurance coverage Firm (BLIC) (Durham, NC). CBL and BLIC are subsidiaries of World Bankers Insurance coverage Group (GBIG).
These Credit score Score (score) actions observe the announcement that Greg E. Lindberg, the final word proprietor of the businesses, was indicted in a federal investigation regarding costs of wire fraud. These score actions additionally observe an announcement that GBIG intends to pursue a sale of its U.S. life insurance coverage firms, which embrace CBL and BLIC, and that GBIG has been in lively discussions with potential acquirers. AM Finest continues to be in communication with the administration group at CBL and BLIC, and can proceed to observe any developments on the firms over the close to time period.
The scores will stay beneath assessment pending an announcement of an acquisition candidate at which period AM Finest will assessment the phrases and intentions for GBIG going ahead. Moreover, AM Finest will proceed to observe CBL and BLIC for any antagonistic developments in both firm’s monetary situation, and can monitor for results of popularity danger as the corporate seems to be for a possible purchaser.
This press launch pertains to Credit score Rankings which were printed on AM Finest’s web site. For all score info regarding the discharge and pertinent disclosures, together with particulars of the workplace liable for issuing every of the person scores referenced on this launch, please see AM Finest’s Current Score Exercise internet web page. For extra info relating to the use and limitations of Credit score Score opinions, please view Understanding Finest’s Credit score Rankings. For info on the right media use of Finest’s Credit score Rankings and AM Finest press releases, please view Information for Media - Correct Use of Finest’s Credit score Rankings and AM Finest Score Motion Press Releases.
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