AM Best Comments on Credit Ratings of Canadian Premier Life Insurance Company Following Announced Transaction With Gerber Life Insurance Company

AM Best has commented that the Financial Strength Rating of A (Excellent) and Long-Term Issuer Credit Rating of a of Canadian Premier Life Insurance Company (Canadian Premier) (Toronto, ON), a subsidiary of Securian Financial Group, Inc. (Securian), remain unchanged following the announcement of a definitive agreement to purchase Gerber Life Insurance Companys Canadian block of business.

On Feb. 13, 2020, Canadian Premium announced an agreement to acquire a block of juvenile whole life policies from Gerber Life via an assumption reinsurance transaction. The acquisition is material in scale relative to Canadian Premiers current balance sheet, but it is not expected it to have a material impact on capitalization or operating performance. However, AM Best notes that the acquisition supports Securians strategic goals to expand its business in the Canadian market following the acquisition of Canadian Premier and its sister company, Canadian Premier General Insurance Company (formerly known as Legacy General Insurance Company), in 2017.

This press release relates to Credit Ratings that have been published on AM Bests 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 Bests Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings. For information on the proper media use of Bests Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Bests Credit Ratings and AM Best Rating Action Press Releases.

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Keith Behrmann

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Jim Peavy

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