13 April 2022
Aspida Life Insurance Company (“Aspida Life”) has been “assigned a Financial Strength Rating (FRA) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent)” by AM Best on April 1. AM Best also assigned the outlook to these ratings as “stable”.
AM Best, a global credit rating agency that specializes in the insurance industry, utilizes research and analysis to assess corporate financial strength and creditworthiness. Aspida Life received Best’s fourth highest rating in its financial strength category.
“These new ratings are a true, independent reflection of Aspida Life’s financial strength and outlook,” said Lou Hensley, chief executive officer of Aspida Holdings Ltd., Aspida Life’s direct parent. “They are also a reflection of our trustworthiness, and our ability to provide best-in-class support to our clients, agents, and partners when they need it most.”
According to AM Best, Aspida Life’s ratings reflect its “very strong” balance sheet and “adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).” AM Best also notes Aspida Life’s “solid initial capitalization levels” and the availability of “additional capital and liquidity alternatives” in its financial strength and Long-Term ICR assessment.
The rating agency also cited the capital commitments and financial resources of Ares as a factor for Aspida Life’s rating.
Ares – a leading global alternative investment firm with over $300 billion of assets under management as of December 31, 2021 – will bring “expertise” to Aspida Life’s investment management capabilities, with Ares Insurance Solutions operating as its dedicated asset manager.
This rating marks another milestone for Aspida Life’s comprehensive insurance platform and will complement Aspida Life Re Ltd. (Aspida Life Re), a Bermuda-domiciled life and annuity reinsurer, which was also “affirmed by AM Best with a FSR of A- (Excellent) and a Long-Term ICR of “a-” (Excellent)” on April 1. The outlook assigned to these ratings is “stable” with AM Best noting that “both companies will benefit from the systems, management team, and operational and risk management functions that have already been established.”
“We will continue to work towards positioning ourselves as an agile, tech-forward insurance business that acts with integrity and transparency to help our clients achieve and protect their dreams,” said Hensley. “That’s what matters most to us.”
Source: AM Best
Aspida Holdings Ltd., through its subsidiaries (collectively “Aspida”), is focused on providing retirement and reinsurance solutions, having operations in the U.S. and Bermuda with total assets of $4.4 billion as of June. 30, 2022. Aspida, through its U.S. platform – Aspida Life Insurance Company – is focused on leveraging technology and agility to help clients achieve – and protect – their dreams. Its Bermuda-based reinsurance platform, Aspida Life Re, is focused on providing efficient and secure life and annuity reinsurance solutions. Aspida seeks to be a trusted partner in its clients’ financial security while driving its growth by doing good for the communities it serves. Aspida is an indirect subsidiary of Ares Management Corporation. For more information, please visit: www.aspida.com or follow them on LinkedIn, Facebook or Instagram.
About Ares Management Corporation
Ares Management Corporation (“Ares”) (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of December 31, 2021, Ares Management Corporation’s global platform had approximately 2,100 employees operating across North America, Europe, Asia Pacific and the Middle East and approximately $314 billion of assets under management, as adjusted for Ares Management Corporation’s acquisition of AMP Capital’s Infrastructure Debt platform which closed February 10, 2022. For more information, please visit: www.aresmgmt.com.