(The following statement was released by the rating agency)
Rating Action On Sept. 21, 2012, Standard & Poor's Ratings Services affirmed its 'BBBpi' counterparty credit and financial strength ratings on Standard Security Life Insurance Co. of NY (SSL of NY).
The ratings on SSL of NY reflect the company's strong capital adequacy as measured by our model, and strong operating earnings as indicated by its statutory pretax return on revenues. These strengths are somewhat offset by the company's product-line concentration (86% of net premiums were generated from its group accident and health segment as of year-end 2011).
The company is ultimately owned by Geneve Corp., a diversified financial services holding company. We rate SSL of NY on a stand-alone basis.
Related Criteria And Research Ratings Bearing A "pi" Subscript: Methodology And Assumptions, Feb. 9, 2011 Ratings List Ratings Affirmed Standard Security Life Insurance Co. of NY Counterparty Credit Rating Financial Strength Rating BBBpi
(Caryn Trokie, New York Ratings Unit)