AM Best Affirms Credit Ratings of Ceres Life Insurance Company

JULY 15, 2026 02:48 PM (EDT)

AM Best Affirms Credit Ratings of Ceres Life Insurance Company

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FOR IMMEDIATE RELEASE

OLDWICK - JULY 15, 2026 02:48 PM (EDT)
AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb+" (Good) of Ceres Life Insurance Company (Ceres Life) (Austin, TX). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Ceres Life's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

Ceres Life's balance sheet strength assessment is supported by its strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR). The company's investment allocation reflects a diversified mix of primarily fixed-income securities, and it is expected to evolve as the company grows, albeit within its strategic asset allocation. Additionally, Ceres Life's growth will be supported by capital commitments from its publicly traded parent, The Westaim Corporation [TSXV: WED].

AM Best assesses Ceres Life's operating performance as adequate. As a company in its early stages of operations, longer-term profitability trends will still need to be evaluated. Ceres Life's business profile is assessed as limited, reflecting its recent entrance into the competitive annuity market as a provider of multiyear guaranteed annuity and fixed index annuity products. The company's business plan centers around its highly scalable, cloud-based technology, which should allow for operational and cost efficiencies. Also, the company benefits from its seasoned management team with strong insurance industry and technology background. The company's ERM is considered appropriate. The assessment reflects the establishment of its risk management framework, risk vision statement and oversight of an experienced chief risk officer and executive management team.

This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings (BCR), Best's Performance Assessments (PA), Best's Preliminary Credit Assessments (PCA) and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.