S&P lowers American National

Standard & Poor's said it lowered its counterparty credit and financial strength ratings on American National Insurance Co. and its core subsidiaries, American National Life Insurance Co. of Texas, American National Property & Casualty Co., and American National General Insurance Co., to AA- from AA.

The agency said it also lowered its counterparty credit and financial strength ratings on Standard Life & Accident Insurance Co. to A from A+.

The outlook remains stable.

At the same time, S&P said it affirmed its A- counterparty credit and financial strength ratings on Garden State Life Insurance Co. The outlook remains negative.

"The downgrade of American National reflects the company's uneven sales and earnings as it changes its business focus," said S&P credit analyst Tim Clark.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.