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Fitch affirms Wilton Re
Fitch Ratings said it affirmed Wilton Re Ltd.'s long-term issuer default rating at A-.
The agency said the action follows the announcement that Wilton Re plans to reinsure a block of long-term care business from an indirect subsidiary of CNO Financial Group, Inc.
Fitch said the affirmation of Wilton Re's ratings reflects the company's stand-alone credit profile and the favorable impact of its ownership by Canadian Pension Plan Investment Board.
The agency said that while it views long-term care insurance as one of the riskiest products sold by U.S. life insurers, due to above-average underwriting and pricing risk, high reserve and capital requirements, and exposure to low interest rates, which will increase Wilton Re's risk profile, Fitch believes the CNO business to be acquired has a better credit profile than the LTC business generally.
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