TOPEKA, KS--(Marketwire - Aug 3, 2011) - Security Benefit Corporation today announced it has received a financial strength ratings upgrade from A.M. Best.
A.M. Best Co. has upgraded the financial strength rating (FSR) to B++ (Good) from B+ (Good) for Security Benefit Life Insurance Company and its affiliate, First Security Benefit Life and Annuity Company of New York.
A.M. Best cited that the ratings action reflected Security Benefit Life's enhanced capital and surplus position, the financial support of its new parent, Guggenheim SBC Holdings, LLC, the improved overall quality of its investment portfolio, positive statutory operating results and the rollout of new insurance products designed to grow its retirement business.
"This is definitely welcome and significant news," said Mike Kiley, Senior Managing Director, Guggenheim Partners. "We believe this upgrade validates the strong financial results and operating performance achieved since Security Benefit and its businesses were acquired by Guggenheim Partners last summer."
Kiley said that since the completion of the acquisition, Security Benefit has continued to strengthen its businesses and balance sheet, launched new products and recorded positive sales results while attracting top industry talent.
"Obviously we're pleased with the A.M. Best upgrade because we believe it provides an affirmation of our momentum in the marketplace," said Howard Fricke, Security Benefit President and Chief Executive Officer. "We plan to continue working to record positive business results and to secure additional financial strength upgrades as soon as practical."
"What was true when we announced our acquisition more than a year ago remains true today," said Kiley. "Guggenheim Partners views Security Benefit as a long-term investment. It's a well-run company that is well positioned for future growth. We continue to look forward to the opportunities for all of Security Benefit's businesses to benefit from improved financial strength ratings."
About Security Benefit
Security Benefit, a Guggenheim Partners Company, is a leading provider of retirement plan services throughout the nation, primarily in the education marketplace, and offers a variety of compelling and customized fixed and variable annuity products. Its se2 division is an award-winning and nationally recognized provider of administrative services for the insurance and financial services industry. Rydex|SGI, its asset management firm, offers institutional investors and financial intermediaries a broad spectrum of traditional and alternative investment strategies in separate accounts, mutual funds and ETFs. To learn more, go to www.securitybenefit.com
Services are offered through Security Distributors, Inc. (SDI) and/or Rydex Distributors, LLC (RDL), subsidiaries of Security Benefit Corporation (Security Benefit). Mutual funds and ETFs are distributed by RDL. Annuities are issued by Security Benefit Life Insurance Company (SBL) in all states except New York. In New York, annuities are issued by First Security Benefit Life Insurance and Annuity Company of New York (FSBL), Rye Brook, NY. SDI is a wholly-owned subsidiary of SBL. SBL and FSBL are also subsidiaries of Security Benefit.