OLDWICK, NJ, August 19, 2024–(BUSINESS WIRE)–AM Best has reviewed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “aa-” (Superior) of American Heritage Life Insurance Company (American Heritage) (Jacksonville, FL) with negative impact.
This follows the announcement on August 13, 2024 that StanCorp Financial Group, Inc. (StanCorp) and The Allstate Corporation (Allstate) (NYSE: ALL) have entered into a definitive agreement under which StanCorp will acquire Allstate’s voluntary employer benefits business. American Heritage’s credit ratings (ratings) have been placed on negative review pending completion of the sale, which is subject to regulatory approval.
Upon completion of the acquisition, American Heritage is expected to experience a negative rating, possibly by one notch on both FSR and Long-Term ICR, as the company is no longer part of the Allstate organization and StanCorp is currently lower rated. This negative impact on American Heritage does not reflect a change in its creditworthiness.
The ratings will remain under review until completion of the transaction, which is not expected before the first half of 2025.
This press release refers to credit ratings published on AM Best’s website. All rating information related to this publication and related disclosures, including the identification of the bureau responsible for assigning each credit rating mentioned in this press release, can be found on AM Best’s website. Current review activity Website. For more information on the use and limitations of credit rating opinions, see Guide to Best Credit Ratings. For information regarding the proper use of AM Best’s credit ratings, performance ratings, preliminary credit ratings and press releases, please visit Guide to the correct use of Best’s ratings and reviews.
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 operates in over 100 countries and has offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
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