In a recent announcement, AM Best has assigned TruSpire Retirement Insurance Company, based in Irving, TX, a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent). The outlook for these ratings is stable. TruSpire, a newly established entity under Mutual of America Life Insurance Company (MoA), received these ratings due to its strong balance sheet, adequate operating performance, limited business profile, and appropriate enterprise risk management.
This decision follows MoA's acquisition of Landmark Life Insurance Co. in January 2023, which was subsequently renamed TruSpire. MoA has ambitious plans for this Texas-based entity, aiming to engage in new annuity business, including individual annuities and Pension Risk Transfer annuities. The company's risk-adjusted capitalization is expected to remain robust, supported by explicit capital backing from MoA to facilitate organizational growth. TruSpire will operate under a shared management team, administration, and risk management program. The company will also administer products using the EXL service and operational platform, focusing on creating competitive fixed indexed annuity products.
TruSpire is slated to launch its first fixed indexed annuity product suite in the early first quarter of 2024. However, the company faces significant market competition, making successful growth more challenging. TruSpire plans to target independent agents with attractive compensation packages to expand its distribution network. AM Best will closely monitor TruSpire's progress to ensure it meets its projected targets effectively.
About AM Best
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.
