AM Best Comments on Credit Ratings of Certain Group 1001 Insurance Holdings, LLC
Subsidiaries Following Ransomware Attack




FOR IMMEDIATE RELEASE
 
CONTACTS: Erik Miller, CFA                                  Christopher Sharkey
Director                                                                    Manager, Public Relations
+1 908 439 2200, ext. 5187                                 +1 908 439 2200, ext. 5159
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Michael Lagomarsino, CFA, FRM                           Al Slavin
Senior Director                                                         Senior Public Relations Specialist
+1 908 439 2200, ext. 5810                                 +1 908 439 2200, ext. 5098
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AM Best Comments on Credit Ratings of Certain Group 1001 Insurance Holdings, LLC Subsidiaries Following Ransomware Attack
 
OLDWICK, N.J., March 2, 2023—AM Best has commented that the Credit Ratings (ratings) of certain Group 1001 Insurance Holdings, LLC’s rated subsidiaries remain unchanged following the parent company’s disclosure that it sustained a cybersecurity attack that caused a network disruption and impacted certain systems.

According to the company, the following subsidiaries experienced system interruptions but are now back to full functionality: Delaware Life Insurance Company, Delaware Life Insurance Company of New York, Clear Spring Life and Annuity Company and Clear Spring Property and Casualty Company.
AM Best was notified of a cyber security ransomware attack that occurred against Group 1001 beginning in early February. Group 1001 has engaged with law enforcement and regulatory agencies following the attack. Group 1001 did not pay the ransomware and believes all systems have been cleaned and validated. Currently, Group 1001 believes the impact to business interruption was minimal and currently day-to-day operations have resumed as normal.

AM Best currently believes that the disruption caused by the ransomware attack has not reached a level that is material to the credit profile of the enterprise. AM Best recognizes that the situation remains highly fluid and will continue to monitor developments.
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 © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
 
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UPDATE TO RECENT SYSTEM INTERRUPTIONS: 


 
Group 1001 Insurance Units Resume Full Operations after Ransomware Attack


March 1, 2023 - Group 1001, Inc. would like to provide an update to our stakeholders concerning recent system interruptions experienced by certain Group 1001 Insurance member companies, including Delaware Life Insurance Company, Delaware Life Insurance Company of New York, Clear Spring Life and Annuity Company, Clear Spring Property and Casualty Company, and our Clear Spring Health business. We are pleased to report that all of our companies are back to full functionality.
 
Incident Overview
 
Containment & Remediation  
Restoration  
We want to confirm that it is safe to conduct business with us and to communicate with us via e-mail, our website portals, and our call centers. We apologize for any inconvenience and genuinely appreciate your patience and understanding as we worked vigorously to fully restore our computer networks.
 
For further questions about this incident, please e-mail our incident response team at:
[email protected].