OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has commented that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” (Excellent) of American National Insurance Company (ANICO) and its affiliates, American National Life Insurance Company of Texas and American National Life Insurance Company of New York (Glenmont, NY), collectively known as American National Group (ANG), remain unchanged following an announced coinsurance arrangement whereby ANG will cede $3.5 billion of reserves to Reinsurance Group of America, Incorporated. These Credit Ratings (ratings) were placed under review with developing implications on July 11, 2024, following the acquisition of American Equity Life Insurance Company and its subsidiaries (see related press release).
The transaction closed Aug. 26, 2024, and is effective July 1, 2024. This ceded business is associated with several products within the ANG’s life operations and is anticipated to increase its capitalization and provide favorable returns. While there is no immediate ratings impact, AM Best views this as potentially having a favorable impact on the overall risk-adjusted capitalization on ANG and will be considered as part of the ongoing review.
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