OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has commented that the Credit Ratings (ratings) of American Life & Security Corp. (American Life) (headquartered in Lincoln, NE) remain unchanged following the Nov. 22, 2021, announcement that A. Michael Salem, one of the company’s co-CEOs, has resigned as an officer and director and will leave the company, effective immediately.
American Life has appointed Georgette C. Nicholas as the new CEO, as she will continue to serve as the interim chief financial officer until such replacement is found. Mike Minnich was named president and will no longer serve as co-CEO, but continue as the chief investment officer. Independent Director John T. Hompe also was appointed as non-executive chair of the board. AM Best believes that Ms. Nicholas will continue to focus on the execution of the company’s previously announced strategy. AM Best also expects that the company will continue its upward trajectory in operating performance, supported by strong internal capital generation. AM Best will continue to monitor results closely against future growth projections.
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