Ivari is the new name for Transamerica Life Canada. Transamerica Life Canada was purchased by Wilton Re. Wilton Re is in turn owned by the Canadian Pension Plan Investment Board (CPPIB) and its management.
Ivari offers Universal Life, Term Insurance and Critical Illness insurance products. They also offer investments including segregated funds, guaranteed investment certificates and annuities.
500-5000 Yonge Street
Toronto, Ontario M2N 7J8
Toll free: 1-800-846-5970
from A.M. Best
Additionally, A.M. Best has upgraded the FSR to A+ (Superior) from A (Excellent) and the Long-Term ICR to “aa-” from “a” of ivari (Toronto, Ontario, Canada).This upgrade reflects A.M. Best’s view that ivari has become a strategic part of Wilton Re Ltd’s current and future business strategies, contributing a significant portion of the group’s earnings.
The outlook of all these Credit Ratings (ratings) is stable.
The ratings reflect Wilton Re’s very strong balance sheet strength, as well as strong operating performance, favorable business profile and appropriate enterprise risk management.
The ratings also reflect Wilton Re’s solid risk-adjusted capitalization level, disciplined growth strategy, and high quality balance sheet and stable liability structure, which are focused principally on mortality risk. The ratings also recognize the ongoing commitment by the company’s highly rated ultimate parent, Canada Pension Plan Investment Board (CPPIB), to provide capital to Wilton Re in support of future growth. While Wilton Re’s operations generate significant capital, which can be deployed to fund growth, A.M. Best believes that CPPIB would provide additional funding, if needed. Wilton Re’s continued strategy of closed block acquisitions is viewed positively, as it enhances the embedded value of the organization, and its future earnings and capital generation capabilities.
please see A.M. Best’s Recent Rating Activity web page
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Critical illness insurance is a living benefits policy that pays a benefit to the person who owns the policy, as opposed to their beneficiaries. This is insurance that provides owners with a lump sum of money if they experience a critical illness that is covered under their critical illness policy. Common covered illnesses are heart…