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AM Best Assigns Issue Credit Rating to American Republic Insurance Company's New Surplus Notes
[October 15, 2026]

AM Best Assigns Issue Credit Rating to American Republic Insurance Company's New Surplus Notes


AM Best has assigned a Long-Term Issue Credit Rating of "bbb" (Good) to the recently issued $95 million, 8.25% surplus notes, due 2041, of American Republic Insurance Company (Des Moines, IA), the lead insurance subsidiary of Wellabe Inc. (Wellabe). The outlook assigned to the Credit Rating (rating) is stable.

The net proceeds of the surplus notes offering are expected to be utilized for general corporate purposes, including support of new business growth and for capital management. Following the debt issuance, financial leverage is expected to be below 20% at Wellabe.

Wellabe is growing its Medicare Supplemental business strategically, producing good top-line growth. However, operating results have been challenged due to new business strain, which will persist until the new business matures. Capitalization remains strongest, as measured by Best Capital Adequacy Ratio (BCAR). The surplus notes will continue to support risk-adjusted capital until operating results turn favorable.

This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings . For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments .

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. For more information, visit www.ambest.com .

Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.



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