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FOR IMMEDIATE RELEASE
OLDWICK - FEBRUARY 23, 2022 04:10 PM (EST)
AM Best has affirmed the Long-Term Issuer Credit Rating of “a” (Excellent) of National General Holdings Corp. (NGHC) (headquartered in New York, NY). Additionally, AM Best has affirmed the Long-Term Issue Credit Ratings of “a” (Excellent) on the $100 million 6.75 senior unsecured notes and “a” (Excellent) on the $250 million 6.75% senior unsecured notes both due 2024 of NGHC, guaranteed by The Allstate Corporation (Allcorp). The outlook of these Credit Ratings (ratings) is stable.
The ratings of NGHC reflect its position as an intermediate holding company under Allcorp. Allcorp reported adjusted financial leverage of 22.4% and coverage of seven times as of year-end 2021. The ratings of Allcorp and its insurance subsidiaries were affirmed effective July 2021.
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.