On December 18, 2020, Kroll Bond Rating Agency (KBRA) assigned an insurance financial strength rating (IFSR) with a Stable Outlook to Coefficient Insurance Company (Coefficient or CIC). Coefficient is a recently established accident and health insurer that will focus on the employer stop-loss (ESL) market. ESL is a segment of commercial insurance that protects self-funded employers from unexpected and large employee health benefit claims by reimbursing employers for claims above a defined amount. CIC is a subsidiary of Verily Life Sciences LLC (Verily), which is majority owned by Alphabet Inc. [NASDAQ: GOOGL]. Swiss Re Corporate Solutions, the commercial insurance unit of the Swiss Re Group also has an ownership stake in CIC.
- 2021 Sector Outlook U.S. Property and Casualty Insurance
- 2021 Sector Outlook U.S. Life Insurance
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Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.
A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.
Information on the meaning of each rating category can be located here.
Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.
Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.