Fitch Upgrades Wilton Re On CPPIB Acquisition
June 30, 2014
(Wilton, Connecticut) – Today, Fitch Ratings upgraded the Insurer Financial Strength (IFS) ratings of Wilton Re following the closing of the acquisition of the company by Canada Pension Plan Investment Board (“CPPIB”). The ratings apply to Wilton Reassurance Company, Wilton Reinsurance Bermuda Limited, Wilton Reassurance Life Company of New York and Texas Life Insurance Company (together referred to as Wilton Re) to ‘A+’ from ‘A’ as well as the long-term Issuer Default Rating (IDR) of Wilton Re Holdings Limited to ‘A-’ from ‘BBB+’. The Outlook is Stable.
Fitch views the transaction as a credit positive for Wilton Re since it affirms the long-term ownership structure of the company and improves the company’s financial flexibility. Fitch notes that CPPIB views the U.S. life insurance market as a long-term investment opportunity and expects Wilton Re will continue its strategic focus on U.S. life insurance and its disciplined approach toward new business opportunities which has resulted in its strong operating performance.
The full press release from Fitch can be accessed here.
For more information please contact Ray Eckert at 203-762-4436 or at [email protected]