AM Best Places Credit Ratings of American National Insurance Company and Subsidiaries Under Review With Developing Implications
10 Agosto 2021 - 6:12PM
Business Wire
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 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 placed under
review with developing implications the FSR of A (Excellent) and
the Long-Term ICR of “a” (Excellent) for Garden State Life
Insurance Company.
In addition, AM Best has placed under review with developing
implications 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 (San Jose, 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. (American National) [NASDAQ:
ANAT]. All the above companies are headquartered in Galveston, TX,
unless otherwise noted.
The Credit Rating (rating) actions follow the announcement that
American National has entered into a definitive merger agreement
for its sale to Brookfield Asset Management Reinsurance Partners
Ltd. (Brookfield Reinsurance) in an all-cash transaction of
approximately $5.1 billion. The sale has been approved by American
National’s board of directors and the transaction, which is subject
to customary closing conditions, including shareholder and
regulatory approvals, is expected to be completed by the first half
of 2022. The merger will be funded by Brookfield Reinsurance
through a combination of debt and equity financing, including
committed debt financing of $1.5 billion and an equity commitment
of up to the aggregate transaction amount from Brookfield Asset
Management Inc.
The under review with developing implications status reflects
the need for AM Best to assess fully the financial and operational
impacts of the acquisition on American National’s rating
fundamentals, including on its balance sheet strength and business
profile. The ratings will remain under review 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 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 © 2021 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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version on businesswire.com: https://www.businesswire.com/news/home/20210810006011/en/
Kate Steffanelli Senior Financial Analyst +1
908 439 2200, ext. 5063 kate.steffanelli@ambest.com Robert
Raber Director +1 908 439 2200, ext. 5696
robert.raber@ambest.com
Christopher Sharkey Manager, Public Relations
+1 908 439 2200, ext. 5159 christopher.sharkey@ambest.com
Jim Peavy Director, Communications +1 908 439
2200, ext. 5644 james.peavy@ambest.com
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