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AM Best Removes From Under Review With Developing Implications, Downgrades and Withdraws Credit Ratings of Commercial Travelers Life Insurance Company

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Press release content from Business Wire. The AP news staff was not involved in its creation.
December 22, 2022 GMT

OLDWICK, N.J.--(BUSINESS WIRE)--Dec 22, 2022--

AM Best has removed from under review with developing implications and downgraded the Financial Strength Rating to B+ (Good) from B++ (Good) and the Long-Term Issuer Credit Rating to “bbb-” (Good) from “bbb” (Good) of Commercial Travelers Life Insurance Company (Commercial Travelers) (Albany, NY). The outlook assigned to these Credit Ratings (ratings) is stable. Concurrently, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best’s interactive rating process.

The ratings reflect Commercial Travelers balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, limited business profile and marginal enterprise risk management.

The ratings downgrade is driven by the recent acquisition of Commercial Travelers by Dayforward Life Insurance Company (Dayforward) and the associated uncertainties regarding the overall strategy, risk management, and capital plans moving forward.


Commercial Travelers was formerly involved in the student health business before undergoing a strategic shift to reinsure dental and vision business from its former parent, National Guardian Life Insurance Company (NGL). The reinsurance agreement between Commercial Travelers and NGL was terminated before the close of Commercial Travelers’ acquisition by Dayforward, essentially removing most of Commercial Travelers liabilities until a new strategy is implemented by Dayforward.

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


Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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CONTACT: Kevin Varvaro

Senior Financial Analyst

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kevin.varvaro@ambest.comChristopher Sharkey

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christopher.sharkey@ambest.comMichael Adams

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michael.adams@ambest.comAl Slavin


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PUB: 12/22/2022 01:06 PM/DISC: 12/22/2022 01:06 PM