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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

AM Best Maintains Under Review With Developing Implications Status for Credit Ratings of Banner Life Insurance Company and William Penn Life Insurance Company of New York

AM Best has maintained the under review with developing implications status for the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings of “aa-” (Superior) of Banner Life Insurance Company (BLIC) (Frederick, MD) and William Penn Life Insurance Company of New York (William Penn-NY) (New York, NY).

The ratings reflect BLIC’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).

The ratings reflect William Penn- NY’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and appropriate ERM.

On Feb. 7, 2025, Legal & General Group Plc (L&G) agreed to the sale of its U.S. protection business to Meiji Yasuda Life Insurance Company (Meiji) and to establish a strategic partnership with Meiji to grow the U.S. pension risk transfer (PRT) business with Meiji taking a 20% interest in L&G’s U.S. PRT business, for a value of $2.3 billion. The deal is expected to close prior to year-end 2025, and includes rated subsidiaries, BLIC and William Penn-NY. These two subsidiaries primarily offer term life insurance and complete PRT transactions. The announcement of the transaction included the formation of a strategic partnership between L&G and Meiji. In this partnership, L&G will retain 80% of new and existing U.S. PRT business through reinsurance agreements and serve in an asset managerial role. The transaction and partnership are expected to help grow Meiji’s presence in the U.S. life insurance space, as part of a broader international growth strategy.

The role of BLIC and William Penn-NY within the Meiji organization will develop as the deal progresses and completes. The pending transaction and level of strategic importance to Meiji will be monitored and assessed in the months to come by AM Best.

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.

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 © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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