By a News Reporter-Staff News Editor at Insurance Weekly News -- A.M. Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of "a-" of Landcar Life Insurance Company (Landcar Life) (Sandy, UT). The outlook for both ratings is stable. Landcar Life is part of the insurance operations of the Larry H. Miller Group of Companies, which markets various vehicle protection services through its Total Care Auto brand. Concurrently, A.M. Best has withdrawn the ratings as the company has requested to no longer participate in A.M. Best's interactive rating process.
The affirmation of Landcar Life's ratings reflects its solid capitalization and shared business model with its property/casualty affiliate, Landcar Casualty Company. Together, the two companies have delivered a broad range of credit insurance product offerings and services to their customers and benefit from synergies gained by common management, a captive distribution platform and shared services. In May 2013, Landcar Life ceased writing credit life and disability insurance, and it has effectively been placed into run-off mode.
The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best's rating process and contains the different rating criteria employed in the rating process. Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology. A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com. Copyright © 2014 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.
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