(The following statement was released by the rating agency)

Feb 20 - Fitch Ratings has assigned initial 'A' Insurer Financial Strength

(IFS) ratings to Wilton Reassurance Company, Wilton Reinsurance Bermuda Limited,

Wilton Reassurance Life Company of New York and Texas Life Insurance Company

(collectively referred to as Wilton Re). At the same time, Fitch has assigned a

long-term Issuer Default Rating (IDR) of 'BBB+' to Wilton Re Holdings Limited.

The Rating Outlook is Stable.

KEY RATING DRIVERS

The ratings are based on Wilton Re's consistent growth in insurance earnings,

balance sheet strength that includes strong capitalization across the operating

subsidiaries, a conservative investment portfolio, ample liquidity and modest

financial leverage. Additionally Wilton Re is led by a team with extensive

industry experience which has helped negate Fitch's concerns about the company's

relatively short operating history.

Fitch believes Wilton Re has taken a disciplined approach to growth reflective

of the experience of the management team and the expectations of the company's

investors. Fitch believes Wilton Re has prudently deployed capital only on

transactions that have consistently met or exceeded its profitability hurdles.

As a result, the company's operating performance to date has compared favorably

to peers.

Also factored into the rationale is Wilton Re's strategic focus on U.S. life

insurance where mortality risk and lapse risk are generally well understood and

less correlated to financial market performance compared to annuity products.

Wilton Re does not have exposure to variable annuities and more risky insurance

products such as those with enhanced guarantees.

Fitch believes capitalization is strong across Wilton Re's operating

subsidiaries. The company seeks to maintain capitalization at levels in excess

of those held by insurers with similar risk profiles.

Fitch views Wilton Re's investment portfolio as conservative and investment

losses since inception have been minimal. Fixed-income securities comprised 94%

of Wilton Re's invested assets at Sept. 30, 2012. The bond portfolio is high

quality and liquid with 8% below investment-grade (BIG) securities.

Fitch also believes that Wilton Re's liquidity position is sound. The company

currently has cash and liquid assets to meet obligations at the holding company

and operating company levels and a modest amount of debt. Additional sources of

liquidity include a senior revolving credit facility and as a member of the FHLB

of Des Moines Wilton Re has access to additional borrowing capacity.

Offsetting these positives are execution risk associated with pricing and

integrating acquired blocks of business particularly as the size of the

transactions increases; concentration risk since a few large deals can drive

overall operating performance or alter the composition of the company's overall

book of business; and uncertainty regarding the long-term ownership structure of

the company.

RATING SENSITIVITIES

Factors that could trigger a negative rating action include:

--Financial leverage increases above 25%;

--Large transactions outside the company's historical risk preference or

expertise or any other material changes in risk appetite for the company;

--Sustained drop in the company's risk-adjusted capital position with no plans

or ability to rectify;

--Decline in ROE below 10%;

--A change in regulation that would materially increase or change the company's

current reserving, capitalization or redundant statutory reserve collateral

requirements.

While Fitch does not anticipate an upgrade in the near term, factors that could

trigger a positive rating action in the longer-term include:

--Continued growth in profitability and successful execution of management plans

and additional seasoning of the company's in-force book of business;

--Maintenance of capital levels at or above current levels on a risk-adjusted

basis.

Fitch assigns the following ratings:

Wilton Reassurance Company

Wilton Reinsurance Bermuda Limited

Wilton Reassurance Life Company of New York

Texas Life Insurance Company

--IFS 'A'; Outlook Stable.

Wilton Re Holdings Limited

--Long-term IDR 'BBB+'; Outlook Stable.

(Caryn Trokie, New York Ratings Unit)

Keywords:

(Caryn.Trokie@thomsonreuters.com; 646-223-6318; Reuters Messaging: rm://caryn.trokie.reuters.com@reuters.net)

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