A.M. Best Comments on Credit Ratings of National Western Life Insurance Company Following Acquisition Announcement - InsuranceNewsNet

InsuranceNewsNet

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading newswires
Topics
  • Life Insurance
  • Annuity News
  • Health/Employee Benefits
  • Property & Casualty
  • Advisor News
  • Washington Wire
  • Fiduciary Rule
  • INN Exclusives
  • Newswires
  • INNsider
  • INN Exclusives
  • NewsWires
  • Magazine
Sign in or register to be an INNsider.
  • INN Exclusives
  • NewsWires
  • ★ Regulation News
  • Podcast
  • Magazine
  • About
  • Advertise
  • Editorial Staff
  • Contact
  • Susbcribe

Get Social

  • Facebook
  • Twitter
  • LinkedIn
  • Google+
Insider
newswires
newswires RSS Get our newsletter
Order Prints Share
October 5, 2018 newswires No comments Views: 2

A.M. Best Comments on Credit Ratings of National Western Life Insurance Company Following Acquisition Announcement

Business Wire

OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best has commented that the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” of National Western Life Insurance Company (NWLIC) (Austin, TX) is unchanged following the Oct. 4, 2018, announcement that NWLIC has entered into a stock purchase agreement to acquire all of the outstanding stock of Ozark National Life Insurance Company (Ozark) (Kansas City, MO) and N.I.S. Financial Services, Inc. from CNS Corporation in exchange for approximately $203 million in cash, subject to certain adjustments. The transaction is expected to close during the first quarter of 2019, subject to customary closing conditions, including regulatory approval. The Long-Term ICR of “bbb” of NWLIC’s parent company, National Western Life Group, Inc., also remains unchanged following the announcement. The outlook of these Credit Ratings (ratings) is stable.

The acquisition, which is consistent with NWLIC’s strategic objective of expanding its life insurance sales, is expected to be initially dilutive to NWLIC’s risk-adjusted capitalization, although it is expected to continue to remain in a range that A.M. Best would assess to be at the strongest level.

A.M. Best anticipates that Ozark will be maintained as a direct subsidiary of NWLIC and continue to operate under its current brand over the near term, while continuing to distribute its own life insurance product through its existing career agency channel.

This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

A.M. Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20181005005507/en/

A.M. Best

Louis Silvers

Senior Financial Analyst

+1 908 439 2200, ext. 5802

[email protected]

or

Christopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

[email protected]

or

Thomas Rosendale

Director

+1 908 439 2200, ext. 5201

[email protected]

or

Jim Peavy

Director, Public Relations

+1 908 439 2200, ext. 5644

[email protected]

Source: A.M. Best

Older

BRIEF: Grand opening for Plymel Agency

Newer

Assurant Inc. Files SEC Form SC 13D/A, General Statement of Acquisition of Beneficial Ownership: (Sept. 20, 2018)

Advisor News

  • Your Clients Should Plan Retirement Savings To Last 23 Years
  • Robert Moore Steps Down As CEO Of Cetera, Due To Health Reasons
  • Financial Advisor Fined In $1M Scam
  • Mercer Advisors Acquires Arbor Asset Management
  • M&A Market Likely To Cool Off, Survey Finds
More Advisor News

Annuity News

  • Annuity Sales Spiked 14 Percent In 2018, No Slowdown In Sight
  • Speak Out: NAIC Gets Plenty Of Advice On Annuity Sales Rule
  • Lincoln Financial Introduces Annuity Designed For Retirement Rollover Dollars
  • IRI Urges NAIC To Proceed Cooperatively With SEC On Suitability
  • P/C Broker Gallagher Widens Retirement Practice Into IMO Space
More Annuity News

Health/Employee Benefits

  • National Health Expenditures To Hit $6T By 2027, CMS Predicts
  • Dems Grapple With ‘Socialism’ Label On Health Care
  • One-in-Five U.S. Rural Hospitals At Risk Of Closing: Study
  • Rising Awareness Regarding Health Insurance Policies To Drive The Market
  • Bill Expanding ‘Insure Oklahoma’ Program Passes Senate Committee
More Health/Employee Benefits

Life Insurance

  • Northwestern Mutual Reports Strong 2018 Financial Results
  • Florida Police: Niece Steals $188,000, Life Insurance, From Aunt
  • P/C Broker Gallagher Widens Retirement Practice Into IMO Space
  • MDRT Study Finds Consumers Want Technology To Complement, Not Replace Human Advisors
  • Accountant Allegedly Stole $2M From Firefighters’ Life Insurance Fund
Sponsor
More Life Insurance

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.
select Newsletter Options

Most Popular

  • Annuity Sales Spiked 14 Percent In 2018, No Slowdown In Sight
  • What If The Market Goes Up? Why An FIA Is Better Than Stocks
  • Understanding The Benefits Of Whole Life Insurance
  • Automation, Big Data Will Drive 2019 Insurance Trends
  • California Makes an Annuity Best Practice a Law

Featured Offers

Text Ads

Press ReleasesAll press releases

  • Nassau Re Launches Insurtech Incubator Will Give Space and Support to Startups in Hartford
  • Peerfit Prepares for Medicare Expansion with Peerfit Move, Recruits Industry Veteran
  • Great American’s Annuity Customers Share Their Secrets to a Great Retirement
  • Securian Financial Introduces Affordable, Protection-Focused IUL with No-Lapse Guarantee
  • TD Ameritrade Institutional Integrates with iPipeline to Automate New Account Opening
Add your Press Release >

Topics

  • Life Insurance
  • Annuity News
  • Health/Employee Benefits
  • Property and Casualty News
  • Advisor News
  • Washington Wire
  • Regulation

Top Sections

  • INN Exclusives
  • INN Insider

Our Company

  • About
  • Editorial Staff
  • Advertise
  • Contact

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter Google+
© 2019 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • Sitemap
  • AdvisorNews

Sign in with your INNsider Account

Not registered? Become an INNsider.