AM Best has placed the financial strength rating of A- (Excellent) and the long-term Issuer credit rating of “a-” (Excellent) of Delaware Life Insurance Company of New York (DLNY) under review.
The news comes after Nassau Financial Group, L.P.’s subsidiary, Nassau Life Insurance Company, announced it was to acquire DLNY.
AM Best says the transaction is subject to regulatory approval and other closing conditions.
The ratings of DLNY will remain under review with negative implications until the close of the transaction, which is expected to take place in the second half of 2023, when AM Best will review the post-transaction details.
According to AM Best, DLNY has approximately US $1.8 billion of total assets with $1.0 billion in separate account assets, with 16,000 policy holders in a reserve profile dominated by annuity liabilities.
The ratings of the remaining members of Group 1001 Life & Annuity Group remain unchanged as DLNY represented less than 5 per cent of the group’s total assets and was in run-off, adds AM Best.
