CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK - JUNE 22, 2023 11:35 AM (EDT)
AM Best has placed under review with negative implications the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a+” (Excellent) of Standard Life and Accident Insurance Company (SLAICO) (Galveston, TX).
This Credit Rating (rating) action is due to the recent announcement that Core Specialty Insurance Holdings, Inc. (Core Specialty) has agreed to acquire 100% of the stock of SLAICO from its immediate parent, American National Insurance Holdings, Inc. in an all-cash transaction expected to close prior to year-end 2023.
AM Best expects to resolve the under review with negative implications status upon the completion of the transaction and regulatory approval. The ratings of the remaining members of American National Group are not impacted by this rating action and remain unchanged at this time.
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.