AM Best Removes From Under Review With Developing Implications and Affirms Credit Ratings of TruSpire Retirement Insurance Company
AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of TruSpire Retirement Insurance Company (TruSpire) (Irving, TX, with administrative offices in Stamford, CT). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect TruSpire’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
The ratings reflect the recent closing of the acquisition of TruSpire by Malibu Life Holdings Limited (MLHL) in early July for $45 million. Following the acquisition, TruSpire was rebranded as Malibu Life USA. TruSpire has been mostly dormant with some run-off life/annuity business for the past few years. TruSpire has maintained the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), which has been sufficient to support its legacy business. The balance sheet is expected to be supported by MLHL, its parent company, with capital contributions necessary to support the growing business and additional liquidity needs.
