OLDWICK, N.J., March 29, 2022--(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.
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