Here is the press release from AM Best:
A.M. Best has assigned a financial strength rating of “A-” Excellent* and an issuer credit rating of “A-” to American Continental Insurance Company (American Continental), a wholly owned indirect subsidiary of Genworth Financial, Inc.
According to A.M. Best, American Continental’s ratings reflect its position as the primary Medicare Supplement product platform for Genworth. It also acknowledges the financial flexibility and access to resources resulting from its ownership by Genworth. A.M. Best believes that Genworth’s balance sheet has a manageable amount of financial leverage that can be comfortably serviced from the earnings currently generated by its insurance operations.
Michael Atchison, American Continental, Senior V.P. Sales, stated, “This is very exciting news for our sales distribution and clients. It reflects well on our ability to offer top-quality insurance products and outstanding service to agents and policyholders for many years to come. I believe the ‘A -’ Excellent A. M. Best rating for American Continental is evidence that we are committed to excellence in all areas of the business. The new rating coupled with the financial stability of Genworth is a definite win-win for everyone.”
American Continental Insurance Company was established in 2005 on a solid foundation of experience in the health/life insurance industry – from Continental Life Insurance Company of Brentwood, Tennessee. American Continental became a Genworth Financial Company in 2006.