AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of the following subsidiaries of Group 1001 Insurance Holdings, LLC: Delaware Life Insurance Company and Clear Spring Life and Annuity Company (Wilmington, DE). These companies are referred to as the Group 1001 Life & Annuity Group. In addition, AM Best has revised the outlooks to positive from stable for the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of Gainbridge Life Insurance Company (Gainbridge Life) (Wilmington, DE).

Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICRs of “a-” (Excellent) of Clear Spring Casualty Insurance Company, Clear Spring National Insurance Company, Clear Spring Property and Casualty Company and Clear Spring American Insurance Company, which are referred to as the Group 1001 Property and Casualty Group (Zionsville, IN). The outlook of these Credit Ratings (ratings) is stable.

The ratings of the Group 1001 Life & Annuity Group reflect its balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM). The revision of the outlook to positive from stable is a result of the continued favorable improvements in the group’s risk-adjusted capitalization level, as measured by Best’s Capital Adequacy Ratio (BCAR), over recent years due to a mixture of consistently strong operating results and capital contributions. AM Best notes that this growth in surplus has continued despite strain from more than doubling the group’s net premiums written over the previous two years and dividend payments to the parent organization.

The ratings of Gainbridge Life reflect the company’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate ERM. The company offers various annuity products on a digital direct-to-consumer platform that includes multi-year guaranteed and fixed indexed annuities. Similar to the entities within the Group 1001 Life & Annuity Group, Gainbridge Life also has maintained a favorable risk-adjusted capitalization over recent years with capital contributions from the parent allowing for rapid premium growth over its limited operating history.

The ratings of the Group 1001 Property and Casualty Group reflect its balance sheet strength, which AM Best assesses as strong, as well as its marginal operating performance, limited business profile and appropriate ERM. The group primarily offers workers’ compensation insurance with a notable presence in California and Pennsylvania although licensed nationwide. The group’s operating performance has lagged the industry with moderate losses over the previous two years. AM Best notes that the group’s management team has taken actions particularly in the form of underwriting initiatives to improve results in the coming years.

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.

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