Insurance rating agency A.M. Best has upgraded the financial strength rating of Baton Rouge-based Starmount Life Insurance Co. to A- (Excellent) and its issuer credit rating to "a-."
Both ratings carry a stable outlook.
The upgrades were based on Starmount’s “favorable overall operating performance in recent periods, as well as the increased financial flexibility and potential operational efficiencies to be gained as part of Unum,” according to Best. The ratings firm also expects a favorable outcome from the acquisition, considering Starmount’s strong operational performance in previous years and Unum’s plans to increase its national presence.
The A- rating from A.M. Best has been a goal for Starmount for the last decade and a half, and one the company said it was rapidly approaching even before being acquired by Unum.