JANUARY 12, 2021 01:24 PM (EST)
AM Best Removes From Under Review, Upgrades Issue Credit Ratings on National General Holdings Corp.’s Senior Unsecured Notes
Senior Financial Analyst
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FOR IMMEDIATE RELEASE
OLDWICK - JANUARY 12, 2021 01:24 PM (EST)
AM Best has removed from under review with positive implications and upgraded the Long-Term Issue Credit Ratings to “a” from “bbb-” on the two tranches of 6.75% senior unsecured notes totaling $350 million, both due 2024, issued by National General Holdings Corp. (National General) (headquartered in New York, NY). The outlook assigned to the Credit Ratings (ratings) is stable.
The Allstate Corporation (Allstate) closed on its acquisition of National General on Jan. 4, 2021. The rating action reflects a guarantee provided by Allstate of the payment obligations of National General’s senior unsecured notes. The ratings on any remaining debt, as well as National General’s acquired insurance subsidiaries, will remain under review with positive implications pending the completion of ongoing discussions with National General’s new parent Allstate.
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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.