OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has commented that the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of American Life & Security Corp. (American Life) (headquartered in Lincoln, NE), both of which have a stable outlook, remain unchanged following the May 1, 2023 announcement that American Life’s parent, Midwest Holdings Inc. (Midwest), and Antarctica Capital (Antarctica) have entered into a definitive merger agreement.
Under the agreement, an affiliate of Antarctica will acquire Midwest in an all-cash transaction valued at approximately $100 million. This transaction is expected to provide American Life with additional resources to fully capitalize its platform, business momentum and market opportunities.
Antarctica also brings to Midwest its investment management expertise and asset origination capabilities. Following the closing, American Life will continue to be led by its current leadership team and maintain its current business strategy. The transaction is expected to close in the second half of 2023, subject to certain customary closing conditions, including the receipt of insurance regulatory approvals and approval by Midwest’s shareholders. AM Best will continue to monitor American Life’s operating performance and ability to execute on its current strategy and projections post-transaction.
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