Best’s News & Research Service - November 02, 2017 03:57 PM (EDT)
A.M. Best Places Credit Ratings of American Underwriters Life Ins Co and Subsidiary Under Review with Developing Implications
- November 02, 2017 03:57 PM (EDT)
Oldwick //BestWire// - A.M. Best has placed under review with developing implications the Financial Strength Rating (FSR) of B (Fair) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “bb” of American Underwriters Life Insurance Company (Phoenix, AZ) and Century Life Assurance Company (Oklahoma City, OK), together referred to as the American Underwriters Life Group (AUL).
This Credit Rating (rating) action is a result of AUL’s recent agreement to be acquired by and simultaneously merged into Puritan Life Insurance Company of America. The transaction is expected to close by Dec. 31, 2017, subject to required regulatory approvals and other customary closing conditions.
A.M. Best anticipates that AUL’s ratings likely will be removed from under review following the close of the transaction and the completion of A.M. Best’s discussions with the management of the acquiring company. Any actual or anticipated changes to AUL’s financial profile will be reviewed to assess the impact on the company’s ratings.
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. 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 A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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