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FOR IMMEDIATE RELEASE
OLDWICK - SEPTEMBER 29, 2016 01:56 PM (EDT)
A.M. Best has placed under review with positive implications the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of Jefferson National Life Insurance Company (Jefferson National) (Dallas, TX). The under review status follows the announcement that Jefferson National has entered into a definitive agreement to be acquired by Nationwide Life Insurance Company (Nationwide), subject to regulatory approval. The transaction is expected to close in early 2017.
The acquisition provides Nationwide access to Jefferson National’s distribution channel of registered investment advisors (RIAs) and fee-based advisors, which is expected to have strong market growth potential following the implementation of the U.S. Department of Labor’s fiduciary standards. Similarly, Jefferson National will be able to leverage Nationwide’s strong reputation and substantial financial resources to support growth in the RIA marketplace.
The ratings will remain under review until the transaction has closed and A.M. Best has completed its assessment of the impact of the acquisition on Jefferson National’s ratings.
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.
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