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.

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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