KBRA Affirms and Subsequently Withdraws the Rating for Granular Insurance Company
25 Aug 2025 | New York
KBRA affirms the A- insurance financial strength rating (IFSR) for Granular Insurance Company (Granular) and removes the Watch Developing status. The rating Outlook is Stable. KBRA subsequently withdraws the rating at the request of the company.
On February 6, 2025, Verily reported that it was selling its stop-loss insurance subsidiary, Granular Insurance Company, to Elevance Health, Inc. [NYSE: ELV] a health insurance company. According to press reports, the Granular sale was the latest in a series of changes at Verily, which has restructured its business and overhauled its executive leadership in recent years. The terms of the deal were not disclosed. The transaction closed on April 30, 2025.
The Stable Outlook reflects Elevance Health Inc.'s demonstrated financial commitment to Granular's business and ongoing operational support as it executes its plan to absorb Granular into its organization. Granular has been fully integrated into the current operational framework for Elevance's $2.5 billion stop loss business, including its enterprise risk management, finance function and distribution networks.
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