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OLDWICK, N.J., August 23, 2023–(BUSINESS WIRE)–AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of "a-" (Excellent) of American Equity Investment Life Insurance Company and its subsidiaries, American Equity Investment Life Insurance Company of New York (Lake Success, NY) and Eagle Life Insurance Company, collectively referred to as American Equity. Concurrently, AM Best has placed under review with developing implications the Long-Term ICR of "bbb-" (Good) of American Equity Investment Life Holding Company (AEL) [NYSE: AEL] and its Long-Term Issue Credit Ratings (Long-Term IRs). All companies are domiciled in West Des Moines, IA, unless otherwise specified. (Please see below for detailed listing of the Long-Term IRs).
The Credit Rating (rating) actions follow subsequent discussions between AM Best and American Equity since it was announced in July 2023 that a definitive agreement had been reached whereby Brookfield Reinsurance Ltd. will acquire all outstanding shares of common stock of the parent company, AEL, that it does not already own, in a cash and stock transaction of approximately $4.3 billion. The sale has been approved by AEL’s board of directors and the transaction, which is subject to customary closing conditions, including shareholder and regulatory approvals, is expected to be completed by the first half of 2024.
Although AM Best commented on July 6, 2023, that the transaction is expected to have minimal impact on American Equity’s current strategic plan with continued investment in infrastructure (see related press release), the current under review with developing implications status reflects the additional need for AM Best to further assess the financial and operations impacts of the acquisition on American Equity’s rating fundamentals, including its balance sheet strength and business profile. In addition, under the terms of the merger agreement, payment of dividends on AEL common stock is expected to be suspended through the closing of the transaction.
AM Best will continue to closely monitor the transaction and the impact to the operating insurance entities under AEL. The ratings will likely remain under review pending completion of the acquisition, and until AM Best can complete its assessment of American Equity’s post-acquisition rating fundamentals.
The following Long-Term IRs have been placed under review with developing implications:
American Equity Investment Life Holding Company—
— "bbb-" (Good) on $500 million 5% senior unsecured notes due 2027
— "bb" (Fair) on $300 million 6.625% perpetual, non-cumulative preferred stock
— "bb" (Fair) on $400 million 5.95% perpetual, non-cumulative preferred stock
The following indicative Long-Term IRs under the shelf registration have been placed under review with developing implications:
American Equity Investment Life Holding Company—
— "bbb-" (Good) on senior unsecured debt
— "bb+" (Fair) on subordinated debt
— "bb" (Fair) on preferred stock
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230823470337/en/
Contacts
Igor Bass
Senior Financial Analyst
+1 908 882 1646
igor.bass@ambest.com
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Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com
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