JUNE 16, 2022 04:36 PM (EDT)
AM Best Assigns Issuer Credit Rating to Sammons Financial Group Global Funding
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Jacqalene Lentz, CPA
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Manager, Public Relations
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Managing Director, Strategy & Communications
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FOR IMMEDIATE RELEASE
OLDWICK - JUNE 16, 2022 04:36 PM (EDT)
AM Best has assigned a Long-Term Issuer Credit Rating of “aa-” (Superior) to Sammons Financial Group Global Funding (SFG Global Funding) (Delaware). The outlook assigned to this Credit Rating (rating) is stable.
SFG Global Funding is a new statutory trust organized in Delaware created to issue senior secured medium-term notes collateralized by funding agreements issued to it by Midland National Life Insurance Company (Midland National), an Iowa-domiciled life insurance company that is part of Sammons Financial Group (SFG). SFG Global Funding plans to issue senior unsecured medium-term notes on an opportunistic basis and is permitted to issue up to $5 billion outstanding at any one time (or the equivalent in one or more foreign currencies). AM Best notes that SFG’s operating leverage remains within AM Best’s guidelines with additional issuances expected to increase operating leverage moderately over the next several years.
SFG is a financial services holding company made up of several member companies that offer a variety of financial and retirement products through multiple distribution channels. SFG’s insurance products include life insurance, including bank credit union-owned life insurance, and fixed and variable annuities. In addition, it offers mutual fund custodial individual retirement account products, and investment advisory services through Beacon Capital Management, LLC.
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.