AM Best Assigns Credit Ratings to Metropolitan General Insurance Company

Rhea-AI Summary

AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of 'a+' (Excellent) to Metropolitan General Insurance Company, a subsidiary of MetLife (NYSE: MET). The outlook for these ratings is stable. AM Best's assessment reflects Metropolitan General's strong balance sheet strength with risk-adjusted capitalization and expectations of capital growth. The company will focus on writing legal and pet insurance, benefiting from MetLife’s extensive distribution network. This expansion offers additional insurance options to employees.

Positive

• Assigned a Financial Strength Rating of A (Excellent).
• Long-Term Issuer Credit Rating of 'a+' (Excellent).
• Focus on profitable legal and pet insurance markets.
• Strong risk-adjusted capitalization and capital growth expectations.
• Integration with MetLife's distribution network enhances market presence.

Negative

• Limited business profile may restrict growth opportunities.

OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a+” (Excellent) to Metropolitan General Insurance Company (Metropolitan General) (Warwick, RI). The outlook assigned to these Credit Ratings (ratings) is stable. Metropolitan General is a wholly owned subsidiary of MetLife, Inc. (MetLife) [NYSE: MET].

The ratings reflect Metropolitan General’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings of Metropolitan General also benefit from its ownership by MetLife. The balance sheet strength assessment reflects the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), and expectations of capital growth. Operating performance is expected to be profitable as Metropolitan General will focus on writing legal and pet insurance. Metropolitan General is integrated into MetLife’s ERM and operational processes, and benefits from MetLife’s distribution network, name recognition and leading position in the employee benefits space. Legal and pet insurance offered by Metropolitan General will provide additional options for employees in these plans.

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 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 www.ambest.com.

Copyright © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211210005523/en/

Louis Silvers

Senior Financial Analyst

+1 908 439 2200, ext. 5802

louis.silvers@ambest.com

Christopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.com

Jacqalene Lentz

Director

+1 908 439 2200, ext. 5762

jacqalene.lentz@ambest.com

Jim Peavy

Director, Communications

+1 908 439 2200, ext. 5644

james.peavy@ambest.com

Source: AM Best

FAQ

What ratings did AM Best assign to Metropolitan General Insurance Company?

AM Best assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of 'a+' (Excellent) to Metropolitan General Insurance Company.

What is the outlook for Metropolitan General's credit ratings?

The outlook for Metropolitan General's credit ratings is stable.

What insurance products will Metropolitan General focus on?

Metropolitan General will focus on writing legal and pet insurance.

How does MetLife benefit Metropolitan General's ratings?

Metropolitan General's ratings benefit from its ownership by MetLife, which provides strong operational support and market recognition.

What does the rating from AM Best indicate about Metropolitan General?

The rating indicates strong balance sheet strength, adequate operating performance, and appropriate enterprise risk management.