AM Best has placed under review with developing implications 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 affiliates, American National Life Insurance Company of Texas and American National Life Insurance Company of New York (Glenmont, NY). These companies are referred to collectively as the American National Group (ANG). Concurrently, AM Best has placed the FSR of A (Excellent) and the Long-Term ICR of “a” (Excellent) of Garden State Life Insurance Company (GSL) under review with developing implications.

In addition, AM Best has placed 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), American National Lloyds Insurance Company, 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) under review with developing implications. These entities are all considered part of American National Property & Casualty Group (ANPAC Group) due to their strategic importance. These companies are property/casualty subsidiaries of American National Group, Inc. (American National). All the above companies are headquartered in Galveston, TX, unless otherwise noted.

The Credit Ratings (ratings) of the American National organization have been placed under review with developing implications as the holding company, American National, has recently acquired American Equity Life Insurance Company and subsidiaries. Given ANG’s reliance on American National for support, AM Best needs additional time to review and consider these new developments in order to ascertain the overall impact on the capitalization of the rating units and the future strategic direction of American National and its subsidiaries as members of Brookfield Reinsurance Ltd. The ratings will remain under review with developing implications until AM Best’s analysis can be completed.

The ratings of ANG reflect its balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management.

The ratings of GSL reflect its balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

The ratings of ANPAC Group reflect its balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

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.

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Christopher Lewis Senior Financial Analyst +1 908 882 2014 christopher.lewis@ambest.com

Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 christopher.sharkey@ambest.com

Kate Steffanelli Associate Director +1 908 882 2337 kate.steffanelli@ambest.com

Al Slavin Senior Public Relations Specialist +1 908 882 2318 al.slavin@ambest.com