A.M. Best has withdrawn the financial strength rating of A+ (Superior) and the issuer credit ratings of “aa” of State Farm International Life Insurance Company Ltd. (SFI) (Bermuda). The rating actions follow the completed sale of State Farm Mutual Automobile Insurance Company’s (State Farm) (Bloomington, IL) Canadian property/casualty, life insurance and mutual fund, loan and living benefits businesses to the Montreal-based Desjardins Group (Desjardins). State Farm’s life insurance business is conducted in Canada through a branch of SFI. Desjardins assumed on an assumption reinsurance basis, all of the SFI’s rights, risks, liabilities and obligations with respect to all policies of insurance assumed, written, issued or renewed by SFI’s Canadian branch. As of the close of the agreement on Jan. 1, 2015, SFI has no policies of insurance remaining.
The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
Key insurance criteria reports utilized:
- Rating Members of Insurance Groups
This press release relates to rating(s) that have been published on A.M. Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please visit A.M. Best’s Ratings & Criteria Center.
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