A New York-based subsidiary of holding company Trustmark Group has recently had its ratings assigned by A.M. Best.

Trustmark Life Insurance Co. of New York, based in Albany, N.Y., received a financial strength rating of “A-“ (Excellent) and issuer credit rating of “a-” with a stable outlook for the pair of ratings.

A.M. Best also affirmed the issuer credit rating of “bbb-” for the Trustmark Group and affirmed financial strength ratings of A- (Excellent) and issuer credit ratings of “a-” for Trustmark Insurance Co. and Trustmark Life Insurance Co., both of Lake Forest, Ill.

Last year, Trustmark licensed Trustmark Life Insurance Co. of New York, which is scheduled to begin marketing a portfolio of worksite products early this year.

A.M. Best noted that the company’s marketing and investment strategies will be similar to Trustmark Insurance Co., and the New York-based subsidiary has “more than adequate risk-adjusted capital to support its projected sales in the near to medium term.”

The ratings affirmations are a reflection of the organization’s favorable operating results, low leverage and overall diversity of insurance offerings, according to A.M. Best, which also noted good premium growth and profitability in its core voluntary benefits segment.

The ratings service did acknowledge capital losses last year, but said Trustmark’s investment portfolio “continue to perform relatively well.

“After years of reporting lower revenue as an organization, A.M. Best believes Trustmark is better positioned to have its core businesses’ revenue growth outpace revenue running off from non-core or divested businesses,” the company said in a statement.

A.M. Best also noted concern that proposed federal health care reform would likely have a negative impact on Trustmark Life’s future operating performance, even though Trustmark is much less reliant on group major medial business for revenue and operating earnings than in the past.