Best’s News & Research Service - January 05, 2018 05:20 PM (EST)
A.M. Best Comments on Credit Ratings of Great Western Insurance Co Following Announced Acquisition by American Enterprise Group
- January 05, 2018 05:20 PM (EST)
Oldwick //BestWire// - A.M. Best has commented that the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb+” of Great Western Insurance Company (Great Western) (Ogden, UT) will remain unchanged following the announcement of the acquisition of Great Western by American Enterprise Group, Inc. (American Enterprise) (Des Moines, IA) through its subsidiary, American Republic Insurance Company (Des Moines, IA). The necessary filings to process this transaction have been submitted; the transaction is expected to close within the first quarter of 2018, subject to usual regulatory approval.
This transaction would provide a committed, stronger capitalized and a more diversified parent to Great Western. It would also strengthen the existing business relationship between American Enterprise and Great Western and expand the company’s distribution capabilities. American Enterprise is retaining the appropriate expertise from Great Western to run the business, while the Great Western operations will remain located in Ogden, UT.
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