AM Best Affirms Credit Ratings of American National Insurance Company and Its Subsidiaries
AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of American National Insurance Company (ANICO) and its life/health subsidiaries, American National Life Insurance Company of Texas (ANTEX), American National Life Insurance Company of New York (ANICONY) (Glenmont, NY) and Standard Life and Accident Insurance Company (SLAICO). These companies are referred to collectively as the American National Group (ANG). Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” for Garden State Life Insurance Company (GSL).
In addition, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICRs of “a+” of American National Property and Casualty Company (Springfield, MO), and its subsidiaries, American National General Insurance Company (Springfield, MO); ANPAC Louisiana Insurance Company (Baton Rouge, LA); American National Lloyds Insurance Company; Pacific Property and Casualty Company (San Jose, CA); and its affiliates, American National County Mutual Insurance Company, Farm Family Casualty Insurance Company and United Farm Family Insurance Company (both domiciled in Glenmont, NY). These entities are all considered part of American National Property & Casualty Group (ANPAC Group) due to their strategic importance. These companies are property/casualty subsidiaries of their ultimate parent, ANICO, which is a subsidiary of American National Group, Inc. [NASDAQ: ANAT].
The outlook of these Credit Ratings (ratings) is stable. All the above companies are headquartered in Galveston, TX, unless otherwise noted.
The ratings of ANG reflect its balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management (ERM). ANG continues to report the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), despite the challenging environment. Additionally, the group’s investment portfolio continues to perform well, though AM Best notes that the company maintains a higher-than-average allocation to commercial mortgage loans. ANG’s delinquencies tied to these loans were minimal through the first three quarters of 2020. The portfolio has produced a steady stream of net investment income that has bolstered operating results. ANG’s diverse product portfolio and distribution has generated profitable operating gains, albeit muted more recently, impacted by new business strain and the low interest rate environment.
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