CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK - DECEMBER 11, 2018 12:11 PM (EST)
AM Best has commented that the Financial Strength Rating of A- (Excellent) and the Long-Term ICRs of “a-” of National Teachers Associates Life Insurance Company (headquartered in Addison, TX) and its subsidiary, NTA Life Insurance Company of New York (New York, NY) (collectively, referred to as NTA Life), are unchanged following the announcement of the sale of the companies to Horace Mann Educators Corporation (Horace Mann). The transaction, announced Dec. 10, 2018, is expected to close in the second quarter of 2019 pending regulatory approval.
While it is anticipated that the transaction may change capital management at NTA Life, the companies will have access to additional liquidity and capital support from Horace Mann. Over time, NTA Life could benefit from operational synergies with its new parent as well as cross-selling opportunities for its primary products. NTA Life is a strategic fit with the Horace Mann organization as Horace Mann also serves the education market. Management has indicated that after the transaction closes, NTA Life will operate as a division of Horace Mann with its current management team. AM Best will continue to monitor NTA and any developments with the pending transaction, and will take rating action if necessary.
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 Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global rating agency and information provider with a unique focus on the insurance industry.