Best’s News & Research Service - February 16, 2023 09:30 AM (EST)
AM Best Assigns Issue Credit Ratings to Homesteaders Life Company’s New Surplus Notes
- February 16, 2023 09:30 AM (EST)
Oldwick //BestWire// - AM Best has assigned a Long-Term Issue Credit Rating of “bbb-” (Good) to the $20 million, 7.75% surplus notes due Feb. 15, 2053, and the $20 million 7.75% surplus notes due Feb. 15, 2053, issued by Homesteaders Life Company (Homesteaders) (West Des Moines, IA). The outlook assigned to these Credit Ratings (ratings) is stable. Each note will be issued to a different external party.
The proceeds from the issuance of these surplus notes are expected to be used for general corporate purposes, which may include strategic business initiatives, acquisitions and internal investments. Homesteaders’ financial leverage and interest coverage ratios will remain within AM Best’s guidelines for its current ratings.
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.