AM Best has placed under review with developing implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Trans-Oceanic Life Insurance Company (TOLIC) (San Juan, Puerto Rico) a member of Trans-Oceanic Life Insurance Group.
The Credit Ratings (ratings) of TOLIC were placed under review with developing implications subsequent to the disclosure that TOLIC is in the final regulatory approval stage of an acquisition by Heritage Life Insurance Company (HLIC), who will become TOLIC’s immediate controlling parent and affiliated reinsurer. The transaction is expected to strengthen TOLIC’s absolute capital base, while preserving its operating profile and maintaining management continuity.
AM Best will be meeting with management and further evaluating the overall expected impact on the organization’s balance sheet strength, operating performance, business profile and enterprise risk management, as well as the proposed support from HLIC and other post-acquisition efficiencies. Additionally, AM Best will also be evaluating the impact on management’s anticipated synergies from changes to TOLIC’s reinsurance structure following the close of the acquisition. The ratings will remain under review with developing implications pending, these additional discussions and final regulatory approvals. The transaction is expected to close during late second-quarter or early third-quarter 2026.
This press release relates to Credit Ratings that have been published on AM 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 see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
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