DURHAM, N.C. [June 13, 2022] – Aspida Life Insurance Company (“Aspida Life”) has been assigned an insurance financial strength rating (ISFR) of A- with a Stable Outlook by Kroll Bond Rating Agency (KBRA) in advance of its annuity product launch in second quarter 2022.
The rating marks another recent milestone for Aspida Life. AM Best assigned a financial strength rating of A- (Excellent) with rating outlook stable on April 1, citing Aspida Life’s balance sheet strength.
KBRA, a global full-service rating agency, assigns an IFSR based on the overall financial condition of an insurance operating company. Aspida Life’s rating reflects its “sound” financial condition and is “highly likely” to meet policyholder obligations. KBRA also noted the following factors for its rating:
Both financial strength assessments come just before Aspida Life plans to launch two new annuity products, multi-year guaranteed annuities and fixed index annuities, in the second quarter of 2022. With insurance licenses in 48 states, Aspida Life plans to utilize a diversified distribution strategy through banks and broker dealers, independent marketing organizations and registered investment advisors to deliver a best-in-class product and experience.
“Our strategy ahead of launch has always been to build out a leading, growing annuity brand with a strong, diversified balance sheet and an easy-to-use, state-of-the art technology platform,” said Lou Hensley, chief executive officer of Aspida Holdings Ltd., Aspida Life’s direct parent. “This independent assessment of our financial strength and credit is a testament to the success of that strategy and to the strength – and security – of our fixed annuity product.”
Aspida Life strives to be a tech-leading, agile insurance company that provides retirement solutions with speed, simplicity, and security by offering a competitive product suite tailored to clients’ needs.
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 $3.5 billion as of Dec. 31, 2021. 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.
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 March 31, 2022, Ares Management Corporation's global platform had approximately $325 billion of assets under management, with approximately 2,100 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit: www.aresmgmt.com.