AM Best Revises Outlooks to Positive for Lewer Life Insurance Company.
ENPNewswire-November 17, 2021--AM Best Revises Outlooks to Positive for Lewer Life Insurance Company
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Release date- 16112021 - AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of B+ (Good) and the Long-Term Issuer Credit Rating of 'bbb-' (Good) of Lewer Life Insurance Company (Lewer Life) (Kansas City, MO).
These Credit Ratings (ratings) reflect the balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, very limited business profile and marginal enterprise risk management (ERM).
The revised outlooks reflect Lewer Life's recently strengthened ERM program as manifested by its implemented ERM initiatives and ERM's growing role in business strategy and decisions. In 2021, the company transitioned investment management to a firm specializing in the insurance industry to enhance performance and control costs. In addition, the organization updated its investment guidelines to include environmental, social, and governance considerations (ESG) and allow for private placement investment opportunities. Formal ESG elements enhance Lewer Life's competitive position with its college and university clients.
From a strategic business development perspective, Lewer Life improved its position for future growth through its parent company's investment ownership share of the Study Abroad Association, LLC (SAA), which provides the opportunity to grow premium and invest in new educational technology. Furthermore, the company bolstered its board of directors by adding independent directors experienced in health care, finance and actuarial practices. The board of directors has increased its focus and oversight of the company's ERM activities, including formal reports and discussion of any shifts in risk levels. AM Best will continue to monitor further enhancements to Lewer Life's ERM program and its role in business decisions.
Lewer Life's balance sheet strength assessment of very strong is based on its strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), partially offset by a relatively low level of absolute capital...
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