AM {Best|Finest} Upgrades Credit {Ratings|Scores|Rankings} of Delphi Financial Group, Inc. and Its Subsidiaries – {Business|Company|Service|Organization} Wire

OLDWICK, N.J.–( {BUSINESS|COMPANIES|SERVICES|ORGANIZATIONS} WIRE)– AM {Best|Finest} {has|has actually} {upgraded|updated} the Financial Strength {Rating|Score|Ranking} to A++(Superior) from A+(Superior) and the Long-Term {Issuer|Company|Provider} Credit {Ratings|Scores|Rankings}(Long-Term ICR )to”aa+”from”aa” of the life/health subsidiaries of Delphi Financial Group, Inc.(DFG)(Wilmington, DE ): {Reliance|Dependence} {Standard|Requirement} Life {Insurance|Insurance Coverage} {Company|Business} (Schaumburg, IL) and {First|Very First} {Reliance|Dependence} {Standard|Requirement} Life {Insurance|Insurance Coverage} {Company|Business} ({New York|New York City}, NY )(together {referred to|described} as {Reliance|Dependence} {Standard|Requirement}), {as well as|in addition to|along with} DFG’s property/casualty subsidiaries: {Safety|Security} National Casualty Corporation, {Safety|Security} {Specialty|Specialized} {Insurance Company|Insurance Provider|Insurer} (both domiciled in St. Louis, MO) and {Safety|Security} First {Insurance Company|Insurance Provider|Insurer} (Chicago, IL) (together {referred to|described} as {Safety|Security} National). DFG is a direct subsidiary of Tokio Marine & & Nichido Fire {Insurance|Insurance Coverage} Co., Ltd., whose {ultimate|supreme} {parent|moms and dad} is Tokio Marine Holdings, Inc. (Tokio Marine), Japan’s {largest|biggest} non-life {insurance|insurance coverage} {organization|company}.

{Concurrently|Simultaneously}, AM {Best|Finest} {has|has actually} {upgraded|updated} the Long Term ICR to “a+” from “a” and the existing Long-Term {Issue|Problem|Concern} Credit {Ratings|Scores|Rankings} (Long-Term IR) of DFG. {{Lastly|Finally|Last but not least}, AM {Best|Finest} {has|has actually} {upgraded|updated} the Long-Term {IRs|Internal revenue service} to “aa+” from “aa” on the {outstanding|exceptional|impressive} medium term notes {issued|provided|released} under the {funding|financing} {agreement|contract|arrangement} backed-securities (FABS) program of {Reliance|Dependence} {Standard|Requirement} Life Global {Funding|Financing} II.|AM {Best|Finest} {has|has actually} {upgraded|updated} the Long-Term {IRs|Internal revenue service} to “aa+” from “aa” on the {outstanding|exceptional|impressive} medium term notes {issued|provided|released} under the {funding|financing} {agreement|contract|arrangement} backed-securities (FABS) program of {Reliance|Dependence} {Standard|Requirement} Life Global {Funding|Financing} II.} The outlook for these Credit {Ratings|Scores|Rankings} ({ratings|scores|rankings}) is {stable|steady}. (Please see {below|listed below} for {a detailed list|a breakdown} of the Long-Term {IRs|Internal Revenue Service}.)

The {ratings|scores|rankings} of {Reliance|Dependence} {Standard|Requirement} {reflect|show} its balance sheet strength, which AM {Best|Finest} {categorizes|classifies} as {very|extremely|really} strong, {as well as|in addition to|along with} its strong operating {performance|efficiency}, neutral {business|company|service|organization} profile and {very|extremely|really} strong {enterprise|business} {risk|danger|threat} management (ERM). {Reliance|Dependence} {Standard|Requirement}’s upgrade is {primarily|mainly|mostly} {a result|an outcome} of {a higher|a greater} degree of {integration|combination} and {strategic|tactical} {importance|significance|value} to its {ultimate|supreme} {parent|moms and dad}, Tokio Marine. In addition, {Reliance|Dependence} {Standard|Requirement} {maintains|preserves|keeps} {a very|an extremely|a really} strong level of risk-adjusted capitalization and {favorable|beneficial} operating {results|outcomes}, {despite|in spite of|regardless of} some spread compression within its interest-sensitive annuity {business|company|service|organization}. The {ratings|scores|rankings} {also|likewise} {consider|think about} {Reliance|Dependence} {Standard|Requirement}’s {very|extremely|really} strong {risk|danger|threat} management {capabilities|abilities}, {a reasonable|a sensible|an affordable} level of {financial|monetary} and {operating|running} {leverage|take advantage of|utilize} and {favorable|beneficial} interest {coverage|protection} ratios at DFG, its intermediate holding {company|business}. {Partially|Partly} {offsetting|balancing out} these {positive|favorable} {rating|score|ranking} {factors|elements|aspects} {are elevated|rise} levels of {higher|greater} {risk|danger|threat} and less liquid {assets|possessions|properties} within its {general|basic} account {investment|financial investment} portfolio, {including|consisting of} {commercial|industrial|business} {mortgage loans|home loan|mortgage}. While the {company|business}’s {overall|general|total} liability profile {has|has actually} {shifted|moved} more {toward|towards} interest-sensitive annuities, which AM {Best|Finest} {views as|deem|consider as} a less creditworthy {product line|line of product}, {spreads|spreads out} {remain|stay} {favorable|beneficial} {despite|in spite of|regardless of} some spread compression due to the {prolonged|extended} low {interest rate|rate of interest|rates of interest} environment. AM {Best|Finest} {expects|anticipates} {Reliance|Dependence} {Standard|Requirement}’s {earnings|profits|incomes|revenues} to {remain|stay} {favorable|beneficial} over the {near to|close to} medium term; {however|nevertheless}, it {may|might} {face|deal with} pressure if {interest rates|rate of interest|rates of interest} {{decline|decrease} or {remain|stay}|{remain|stay} or {decline|decrease}} at {current|present|existing} levels.

The {ratings|scores|rankings} of {Safety|Security} National {reflect|show} its balance sheet strength, which AM {Best|Finest} {categorizes|classifies} as {strongest|greatest}, {as well as|in addition to|along with} its strong operating {performance|efficiency}, neutral {business|company|service|organization} profile and {very|extremely|really} strong ERM. The {ratings|scores|rankings} upgrade is {primarily|mainly|mostly} {a result|an outcome} of {Safety|Security} National’s increasing {strategic|tactical} {role|function} in the {organization|company} and {reflects|shows} the {commitment|dedication} from DFG and Tokio Marine to support the {ongoing|continuous} operations. {Safety|Security} National’s {ratings|scores|rankings} {also|likewise} consider its {strongest|greatest} level of risk-adjusted capitalization, {historically|traditionally} {profitable|lucrative|rewarding|successful} {overall|general|total} operating {performance|efficiency} and specialized market profile as {an industry|a market} leader in excess {workers|employees}’ {compensation|payment|settlement}. {Partially|Partly} {offsetting|balancing out} these {positive|favorable} {rating|score|ranking} {factors|elements|aspects} are {ongoing|continuous} {adverse|unfavorable|negative} {development|advancement} {attributed to|credited to} the {company|business}’s nature of {business|company|service|organization} and the group’s {somewhat|rather} constrained {business|company|service|organization} profile, as {a significant|a considerable|a substantial} {amount|quantity} of its premiums is {generated|produced|created} from excess {workers|employees}’ {compensation|payment|settlement}. {Despite|In spite of|Regardless of} these {concerns|issues}, the {ratings|scores|rankings} {recognize|acknowledge} {Safety|Security} National’s {solid|strong} {overall|general|total} {profitability|success} and AM {Best|Finest}’s expectation of {a continued|an ongoing} {generating|getting} of {retained|kept|maintained} {earnings|profits|incomes|revenues}.

The following Long-Term IR {has|has actually} been {upgraded|updated}:

Delphi Financial Group, Inc.—- to” a-” from” bbb +” on $175 million fixed/floating rate junior subordinated debentures, due 2037

The following Long-Term IRs {have|have actually} been {upgraded|updated}:

{Reliance|Dependence} {Standard|Requirement} Life Global {Funding|Financing} II– to “aa+” from “aa” program {rating|score|ranking}

— to “aa+” from “aa” on all {outstanding|exceptional|impressive} notes {issued|provided|released} under the program

The following Long-Term IRs {have|have actually} been {assigned|designated|appointed} with {a stable|a steady} outlook:

{Reliance|Dependence} {Standard|Requirement} Life Global {Funding|Financing} II—-” aa +”on $350 million 2.15% senior {secured|protected|safe|guaranteed} medium term notes, due 2023– “aa+” on $400 million 2.50% senior {secured|protected|safe|guaranteed} medium term notes, due 2024

— “aa+” on $400 million 2.75% senior {secured|protected|safe|guaranteed} medium term notes, due 2025

— “aa+” on $350 million 2.75% senior {secured|protected|safe|guaranteed} medium term notes, due 2027

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