AM Finest has assigned a Lengthy-Time period Challenge Credit score Score of “aa” to the newly issued $1.25 billion 3.75% surplus notes due 2050 issued by New York Life Insurance coverage Firm (New York Life) (New York, NY). The outlook assigned to the Credit score Score (ranking) is secure. The prevailing Monetary Energy Score and the Lengthy-Time period Issuer Credit score Score of New York Life and its associates stay unchanged.
New York Life anticipates that the proceeds from the excess notes providing will probably be utilized to partially fund its acquisition of Cigna Company’s group life and incapacity insurance coverage enterprise introduced in December 2019 and for common company functions. The notes will rank equally with current surplus notes and will probably be subordinate in proper of fee to all different current and future indebtedness, coverage claims and different collectors of New York Life.
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