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 Company’s 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 Premier’s 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 Securian’s 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.
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