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Ratings downgrade for Security Life and First Security Benefit Life

Things are looking so good for Security Benefit Mutual Holding Company. Yesterday, MarketWatch reported that A.M. Best had downgraded the financial strength of two of their insurance companies.

The action was attributed to several factors, including loss of fixed income, high exposure to debt, and the declining equity market’s potential variable annuity impact. And while SBC has a plan to raise additional monies:

Given the historic levels of disruption in the financial markets, A.M. Best is concerned that SBC Group may encounter challenges in its efforts to raise new capital.

• Security Benefit Life Insurance Company (SBL) (Topeka, KS)

• First Security Benefit Life Insurance and Annuity Company of New York (FSBL) (White Plains, NY)