AM Best Affirms Issue Credit Rating of Weston2044 LLC Series Hannover, No. 1 Variable Funding Credit Linked Note
AM Best has affirmed the Long-Term Issue Credit Rating (Long-Term IR) of “a” (Excellent) on the $1.654 billion (which upsized to $1.805 billion outstanding as of March 31, 2026), 6.00% Series Hannover, No. 1 variable funding credit-linked note (note), due Oct. 1, 2044, of Weston2044 LLC (Weston2044), a Delaware limited liability company (issuer). The outlook of this Credit Rating (rating) is stable.
The note is in consideration of a variable funding surplus note (VSN) issued by Redding Reassurance Company 4 LLC (Redding Re 4), a Missouri-domiciled special purpose life reinsurance captive insurer and a direct wholly owned subsidiary of Wilton Reassurance Company (Wilton Reassurance). The note supports the excess reserves for a block of universal life secondary guarantee insurance (ULSG) business. Wilton Reassurance assumes the ULSG business via a coinsurance arrangement with Pruco Life Insurance Company and retrocedes to Redding Re 4. The note has a face amount within 100% to 102% of that excess reserve balance. The face amount of the VSN is also equivalent to the face amount of the corresponding credit-linked note for which the VSN is exchanged. Wilton Reassurance’s retrocession to Redding Re 4 is on a coinsurance funds-withheld basis.
