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S&P lowers Time Insurance, John Alden Life
Standard & Poor’s said it lowered the financial strength and long-term counterparty credit ratings on Assurant Inc.’s health operating subsidiaries, Time Insurance Co. and John Alden Life Insurance Co. to BB+ from BBB-.
The outlook is stable.
Assurant announced Oct 20 that its health operations would report after-tax net losses of $140 million to $150 million for the third quarter of 2015, S&P said.
This will be on top of Assurant Health’s net loss of $207 million for the first six months of 2015, the agency said.
Even if the company’s premium deficiency reserves are excluded, S&P said it expects 2015 net loss to be more than previous expectations, indicating the potential for higher-than-expected strain on earnings and capital for the full year, S&P said.
The losses are due to continued higher-than-expected claims experience, the agency said.
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