For the 17th consecutive year, Woburn-based The Savings Bank Life Insurance Co. of Massachusetts (SBLI) has been rated "A+" (superior) for financial strength by the insurance industry rating organization, A.M. Best Co.
SBLI said it has not raised its rates on its term life insurance products, and will maintain its rates at current levels – among the lowest available – through the balance of 2009.
A.M. Best, based in Oldwick, N.J., said their affirmation of SBLI’s rating reflects the company’s "leading position as a low-cost term life insurance provider, the benefits it derives from its well-recognized ‘SBLI’ brand name in its domicile state of Massachusetts, its efficient direct response distribution system, increasing direct ordinary life premium growth trends, and its continuing geographic expansion strategy."
Also cited were SBLI’s "generally overall profitable statutory operating performance and solid level of risk-adjusted capitalization."
SBLI’s rating of A+ is the second-highest rating possible under Best’s system. Only about 20 percent of all life-health insurance companies currently are rated A+ or above by A.M. Best; SBLI of Massachusetts is the smallest independent life insurance company in the country with an A+ rating.
"In the current economic climate, when many insurers’ ratings have been downgraded, it is very gratifying that SBLI once again has been ranked among the most financially sound insurance companies in the country by A.M. Best," said SBLI President and CEO Robert K. Sheridan. "Their consistently high rating of the company reflects our solid financial foundation and the success of our adherence to our historical mission of providing safe, low-cost life insurance."
