AM Best Maintains Under Review With Developing Implications Status for Credit Ratings of American National Insurance Company and Subsidiaries
March 29 2022 - 10:11AM
Business Wire
AM Best has maintained the under review with developing
implications status for the Financial Strength Rating (FSR) of A
(Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR)
of “a+” (Excellent) of American National Insurance Company (ANICO)
and its life/health subsidiaries, American National Life Insurance
Company of Texas, American National Life Insurance Company of New
York (Glenmont, NY) and Standard Life and Accident Insurance
Company. These companies are referred to collectively as the
American National Group. Concurrently, AM Best has maintained the
under review with developing implications status for the FSR of A
(Excellent) and the Long-Term ICR of “a” (Excellent) of Garden
State Life Insurance Company.
In addition, AM Best has maintained the under review with
developing implications status for the FSR of A (Excellent) and the
Long-Term ICRs of “a+” (Excellent) of American National Property
and Casualty Company (Springfield, MO), and its subsidiaries,
American National General Insurance Company (Springfield, MO);
ANPAC Louisiana Insurance Company (Baton Rouge, LA); American
National Lloyds Insurance Company; Pacific Property and Casualty
Company (Los Angeles, CA); and its affiliates, American National
County Mutual Insurance Company, Farm Family Casualty Insurance
Company and United Farm Family Insurance Company (both domiciled in
Glenmont, NY). These entities are all considered part of American
National Property & Casualty Group due to their strategic
importance. These companies are property/casualty subsidiaries of
ANICO, which is a subsidiary of American National Group, Inc.
[NASDAQ: ANAT] (American National). All the above companies are
headquartered in Galveston, TX, unless otherwise noted.
The Credit Ratings (ratings) were placed under review in August
of 2021 after the public announcement that American National had
entered into a definitive merger agreement for its sale to
Brookfield Asset Management Reinsurance Partners Ltd. in an
all-cash transaction of approximately $5.1 billion. The transaction
is expected to close in the second quarter of 2022. The ratings
will remain under review with developing implications pending
completion of the acquisition, and until AM Best can complete its
assessment of American National’s post-acquisition rating
fundamentals.
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 © 2022 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Kate Steffanelli Associate Director +1 908 439
2200, ext. 5063 kate.steffanelli@ambest.com
Christopher Sharkey Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Robert Raber Director +1 908 439 2200, ext.
5696 robert.raber@ambest.com
Jim Peavy Director, Communications +1 908 439
2200, ext. 5644 james.peavy@ambest.com
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