Aspida Life Insurance Company Ratings & Review

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Aspida Life Insurance Company Ratings & Review

Aspida Life Insurance Company Profile

Aspida Life Insurance Company is a direct subsidiary of Aspida Holdings Ltd. Through its subsidiaries, Aspida Holdings Ltd. is focused on providing retirement and reinsurance solutions. Aspida is focused on leveraging technology and agility to help clients achieve and protect their dreams.

Aspida seeks to be a trusted partner in its clients’ financial security while driving its growth by doing good for the communities it serves. Aspida is an indirect subsidiary of Ares Management Corporation, a leading global alternative investment firm with over $300 billion of assets under management.

Group Affiliation: None
State of Domicile: California
NAIC Company Code: 67423
Year Founded: 1956

Website: aspida.com

Address:
2327 Englert Drive
Durham, NC 27713

Assets & Liabilities

Assets: $21,532,555

Liabilities:$227,424

Capital and Surplus: $21,759,979

Assets to Liability Ratio: 0%

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Aspida Annuities

Synergy Choice MYGA
A single premium deferred fixed multi-year guaranteed annuity (MYGA). Synergy Choice MYGA offers a simple, steady, guaranteed way to build retirement savings with flexible features to customize your annuity contract.

This means: You start with a specific amount and fixed interest rate. We protect your money and let it grow steadily for a period of time we both agree to, and then we return your money and all of your earnings. That’s it.

WealthLock MYGA
A single premium deferred fixed multi-year guaranteed annuity (MYGA). WealthLock MYGA gives you dependable growth through guaranteed interest, access to funds, tax deferral, multiple guaranteed income options, and security for your loved ones.

This means: MYGAs also grow tax-deferred, which means you keep earning more money and it’s not taxed until you want it back. No taxes means more money to earn interest, which means more money in your pocket later.

WealthLock Accumulator
A single premium deferred fixed index annuity (FIA). WealthLock Accumulator offers principal protection with the opportunity to earn an attractive rate of return that is tied to an index’s performance, without the risks associated with direct investment in the market.

This means: You select stock indices, and watch your money grow in relation to how the indices grow. The difference? When stocks drop, your money stays even. When they go back up, so does your money. Like stairs that never go down.

Aspida Annuity Rates

Aspida Life Insurance Company Ratings

Aspida Life Insurance Company is rated A- by AM Best and A- by KRBA. Both AM Best and KRBA assigned a stable outlook along with the A- rated earlier in 2022.

Aspida annuity logo

DURHAM, N.C. [April 13, 2022] – Aspida Life Insurance Company (“Aspida Life”) has been “assigned a Financial Strength Rating (FRA) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent)” by AM Best on April 1. AM Best also assigned the outlook to these ratings as “stable”.

AM Best, a global credit rating agency that specializes in the insurance industry, utilizes research and analysis to assess corporate financial strength and creditworthiness. Aspida Life Insurance Company received Best’s fourth highest rating in its financial strength category.

“These new ratings are a true, independent reflection of Aspida Life’s financial strength and outlook,” said Lou Hensley, chief executive officer of Aspida Holdings Ltd., Aspida Life’s direct parent.

“They are also a reflection of our trustworthiness, and our ability to provide best-in-class support to our clients, agents, and partners when they need it most.”

According to AM Best, Aspida Life’s ratings reflect its “very strong” balance sheet and “adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).”

AM Best also notes Aspida Life’s “solid initial capitalization levels” and the availability of “additional capital and liquidity alternatives” in its financial strength and Long-Term ICR assessment.

The rating agency also cited the capital commitments and financial resources of Ares as a factor for Aspida Life’s rating.

Ares – a leading global alternative investment firm with over $300 billion of assets under management as of December 31, 2021 – will bring “expertise” to Aspida Life’s investment management capabilities, with Ares Insurance Solutions operating as its dedicated asset manager.

This rating marks another milestone for Aspida Life’s comprehensive insurance platform and will complement Aspida Life Re Ltd. (Aspida Life Re), a Bermuda-domiciled life and annuity reinsurer, which was also “affirmed by AM Best with a FSR of A- (Excellent) and a Long-Term ICR of “a-” (Excellent)” on April 1.

The outlook assigned to these ratings is “stable” with AM Best noting that “both companies will benefit from the systems, management team, and operational and risk management functions that have already been established.”

“We will continue to work towards positioning ourselves as an agile, tech-forward insurance business that acts with integrity and transparency to help our clients achieve and protect their dreams,” said Hensley. “That’s what matters most to us.”

Source: AM Best

DURHAM, N.C. [June 13, 2022] – Aspida Life Insurance Company (“Aspida Life”) has been assigned an insurance financial strength rating (ISFR) of A- with a Stable Outlook by Kroll Bond Rating Agency (KBRA) in advance of its annuity product launch in second quarter 2022.

The rating marks another recent milestone for Aspida Life Insurance Company. AM Best assigned a financial strength rating of A- (Excellent) with rating outlook stable on April 1, citing Aspida Life’s balance sheet strength.

KBRA, a global full-service rating agency, assigns an IFSR based on the overall financial condition of an insurance operating company. Aspida Life’s rating reflects its “sound” financial condition and is “highly likely” to meet policyholder obligations. KBRA also noted the following factors for its rating:

  • Seasoned Management Team: Aspida Life’s executive team offers “extensive experience in the direct and reinsurance annuity industries” and has a “cohesive and shared vision” for the company.
  • Sound Risk-Based Capitalization: Aspida Life is expected to “maintain sound risk-based capital” while simultaneously “executing its business plan in a timely manner.”
  • Strong Operational and Capital Support: Aspida Life is backed by Ares – a leading global alternative investment manager with approximately $325 billion of assets under management as of March 31, 2022 – and can leverage Ares’ “extensive history of successful business building” and “significant insurance experience.”

Both financial strength assessments come just before Aspida Life plans to launch two new annuity products, multi-year guaranteed annuities and fixed index annuities, in the second quarter of 2022.

With insurance licenses in 48 states, Aspida Life plans to utilize a diversified distribution strategy through banks and broker dealers, independent marketing organizations and registered investment advisors to deliver a best-in-class product and experience.

“Our strategy ahead of launch has always been to build out a leading, growing annuity brand with a strong, diversified balance sheet and an easy-to-use, state-of-the art technology platform,” said Lou Hensley, chief executive officer of Aspida Holdings Ltd., Aspida Life Insurance Company’s direct parent.

“This independent assessment of our financial strength and credit is a testament to the success of that strategy and to the strength – and security – of our fixed annuity product.”

Aspida Life strives to be a tech-leading, agile insurance company that provides retirement solutions with speed, simplicity, and security by offering a competitive product suite tailored to clients’ needs.

Source: KRBA

Learn more about annuity company financial ratings.

About Aspida

Aspida Holdings Ltd. (“Aspida”) is an indirect subsidiary of Ares Management Corporation, which was created to execute on Ares Insurance Solutions’ plans to issue insurance and reinsurance products for individuals and institutions seeking to fund their long-term financial needs. 

Aspida employs a talented team of experienced insurance professionals who leverage innovation and technological advancement to drive change. Its cutting-edge platform is geared at providing insurance solutions with speed and simplicity, creating elegant digital experiences. 

With $2.3 billion in assets under management, as of March 31, 2021, and supported by a team of over 100 insurance industry professionals, Aspida seeks to be a trusted partner focused on its clients’ financial security and success. For more information, please visit: www.aspida.com.

About Ares Management Corporation

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities.

By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles.

As of March 31, 2021, including the acquisition of Landmark Partners, which closed June 2, 2021, and the acquisition of Black Creek Group, which closed July 1, 2021, Ares Management’s global platform had approximately $239 billion of assets under management with approximately 2,000 employees operating across North America, Europe, Asia Pacific and the Middle East.

For more information, please visit www.aresmgmt.com. Follow Ares on Twitter @Ares_Management.

Aspida Holdings Ltd., through its subsidiaries (collectively “Aspida”), is focused on providing retirement and reinsurance solutions, having operations in the U.S. and Bermuda with total assets of $3.5 billion as of Dec. 31, 2021. 

Aspida, through its U.S. platform – Aspida Life Insurance Company – is focused on leveraging technology and agility to help clients achieve – and protect – their dreams. 

Its Bermuda-based reinsurance platform, Aspida Life Re, is focused on providing efficient and secure life and annuity reinsurance solutions. Aspida seeks to be a trusted partner in its clients’ financial security while driving its growth by doing good for the communities it serves. 

Aspida is an indirect subsidiary of Ares Management Corporation. For more information, please visit: www.aspida.com.

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