A.M. Best has affirmed the debt rating on $130 million worth of Series A Floating Rate Insured Notes from Tailwind Holdings that are due in 2036 at “a-”.
Tailwind Holdings is a Deleware limited liability company and wholly owned subsidiary of Unum Group. It is the sole shareholder of Tailwind Reinsurance Company, a captive insurance company that is domiciled in South Carolina, and was formed to hold the stock of Tailwind Re, which provides reinsurance coverage to Unum Life Insurance Company of America.
“A.M. Best’s rating action takes into consideration the current financial strength rating of A (Excellent) and issuer credit ratings of “a” of Unum’s operating subsidiaries.”
“Tailwind Holdings’ debt rating and outlook may come under negative pressure if an unfavorable earnings trend develops over a prolonged period or if certain benchmarks are not achieved or deteriorate relative to its plan/forecast,” said a statement from the ratings firm.
