AM Best Places Credit Ratings of American Heritage Life Insurance Company Under Review With Negative Implications
2024年8月20日 - 3:32AM
ビジネスワイヤ(英語)
AM Best has placed under review with negative
implications the Financial Strength Rating (FSR) of A+ (Superior)
and the Long-Term Issuer Credit Rating (Long-Term ICR) of “aa-”
(Superior) of American Heritage Life Insurance Company (American
Heritage) (Jacksonville, FL).
This follows the Aug. 13, 2024, announcement that StanCorp
Financial Group, Inc. (StanCorp) and The Allstate Corporation
(Allstate) [NYSE: ALL] have entered into a definitive agreement
under which StanCorp will acquire Allstate’s employer voluntary
benefits business. The Credit Ratings (ratings) of American
Heritage have been placed under review with negative implications
pending the closure of the sale, which requires regulatory
approval.
At the completion of the acquisition, there is a likelihood of
negative rating action for American Heritage, potentially of one
notch for both its FSR and Long-Term ICR, as a result of it no
longer being a part of the Allstate organization and the current
lower ratings of StanCorp. This negative implication for American
Heritage is not a reflection of a change in its credit
worthiness.
The ratings will remain under review until the close of the
transaction, which is not expected until the first half of
2025.
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. For more information,
visit www.ambest.com.
Copyright © 2024 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Elizabeth Blamble Senior Financial Analyst +1
908 882 1661 elizabeth.blamble@ambest.com
Edin Imsirovic Director +1 908 882 1903
edin.imsirovic@ambest.com
Christopher Sharkey Associate Director, Public
Relations +1 908 882 2310
christopher.sharkey@ambest.com
Al Slavin Senior Public Relations Specialist +1
908 882 2318 al.slavin@ambest.com
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