The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Business Wire

A.M. Best Withdraws Ratings of Six Life Insurance Subsidiaries of American International Group, Inc. Due to Legal Entity Mergers

Friday, January 04, 2013

A.M. Best Withdraws Ratings of Six Life Insurance Subsidiaries of American International Group, Inc. Due to Legal Entity Mergers16:17 EST Friday, January 04, 2013 OLDWICK, N.J. (Business Wire) -- A.M. Best Co. has withdrawn the financial strength rating of A (Excellent) and issuer credit ratings of “a” of six domestic life insurance subsidiaries of American International Group, Inc. (AIG) (NYSE: AIG): SunAmerica Annuity and Life Assurance Company (SALAC) (Phoenix, AZ), SunAmerica Life Insurance Company (SLIC) (Phoenix, AZ), Western National Life Insurance Company (WNLIC) (Amarillo, TX), American General Assurance Company (AGLA) (Schaumburg, IL), American General Life and Accident Insurance Company (AGLAIC) (Nashville, TN) and American General Life Insurance Company of Delaware (AGLICDE) (Wilmington, DE). Effective December 31, 2012, the aforementioned companies merged with and into American General Life Insurance Company (AGLIC) (Houston, TX), AIG's lead U.S. life insurance company. These transactions are part of AIG's ongoing strategy to streamline its insurance company structure into fewer operating companies in order to maximize efficiency. As a result of the mergers, SALAC, SLIC, WNLIC, AGLA, AGLAIC and AGLICDE policyholders have become policyholders of AGLIC. The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best's rating process and contains the different rating criteria employed in the rating process. Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology. Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com. Copyright © 2013 by A.M. Best Company, Inc.ALL RIGHTS RESERVED.A.M. Best Co.Joan Sullivan, 908-439-2200, ext. 5144Senior Financial Analystjoan.sullivan@ambest.comorThomas Rosendale, 908-439-2200, ext. 5201Assistant Vice Presidentthomas.rosendale@ambest.comorRachelle Morrow, 908-439-2200, ext. 5378Senior Manager, Public Relationsrachelle.morrow@ambest.comorJim Peavy,908-439-2200, ext. 5644Assistant Vice President, Public Relationsjames.peavy@ambest.com