AM Best Places Credit Ratings of Atlantic American Corporation and Its Subsidiaries Under Review With Developing Implications

OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has placed under review with developing implications the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of American Southern Insurance Company (Topeka, KS) and its wholly owned and 100% reinsured subsidiary, American Safety Insurance Company (collectively referred to as American Southern Group). Additionally, AM Best has placed under review with developing implications the FSR of A- (Excellent) and the Long-Term ICRs of “a-” (Excellent) of Bankers Fidelity Life Insurance Company and its wholly owned and 100% reinsured subsidiary, Bankers Fidelity Assurance Company (collectively referred to as Bankers Fidelity Life Insurance Group [BFLIG]). Concurrently, AM Best has placed under review with developing implications the Long-Term ICR of “bbb-” (Good) of the parent company, Atlantic American Corporation (Atlantic American) [NASDAQ: AAME]. All companies are domiciled Atlanta, GA, unless otherwise specified.

The under review with developing implications status follows an announcement by Atlantic American on April 21, 2023, that it received notice from NASDAQ on April 18, 2022, that Atlantic American is no longer in compliance with NASDAQ listing rule 5250 (c) (1), which requires listed companies to timely file all required periodic financial reports with the SEC. AM Best will re-evaluate the under review status once Atlantic American regains compliance with NASDAQ and after AM Best analyzes the company’s year-end 2022 Form 10-K and first-quarter 2023 10-Q filings.

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 © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Christine DePalma
Financial Analyst

+1 908 439 2200, ext. 5649

christine.depalma@ambest.com

Timothy Willey
Financial Analyst

+1 908 439 2200, ext. 5473

timothy.willey@ambest.com

Christopher Sharkey
Associate Director, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist

+1 908 439 2200, ext. 5098

al.slavin@ambest.com

Source: AM Best