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  • A.M. Best Places Ratings of Jackson National Life Insurance Company and Its Affiliates Under Review With Negative Implications

    March 5, 2010 by N/A

    March 04, 2010
    A.M. Best Co. has placed the financial strength rating of A+ (Superior) and issuer credit ratings of “aa-” of Jackson National Life Insurance Company, its wholly owned subsidiary, Jackson National Life Insurance Company of New York and their direct parent, Brooke Life Insurance Company (collectively referred to as JNL) under review with negative implications. Concurrently, A.M. Best has placed the debt ratings of “a” on the existing $250 million 8.15% surplus notes and “aa-” on notes issued under funding agreement-backed securities programs of JNL under review with negative implications. All the above companies are headquartered in Lansing, MI.

    JNL represents the U.S. life insurance and annuity operations of its ultimate parent, Prudential plc (Prudential), an international financial services company based in the United Kingdom. Prudential is not affiliated with Prudential Financial, Inc., a global financial services company based in the United States.

    The rating actions are in response to Prudential’s recent announcement that it has reached agreement with American International Group, Inc. (AIG) regarding terms for the combination of Prudential and AIA Group Limited (AIA), a wholly owned subsidiary of AIG. The transaction will be effected through the acquisition of both Prudential and AIA by a new company, which will assume the name Prudential plc. The transaction, which is expected to close in third quarter 2010, is subject to approval by Prudential shareholders, regulatory approvals and customary closing conditions.

    Given its size and complexity, A.M. Best believes the proposed transaction is subject to substantial execution and financing risks. Additionally, the strategic and financial importance of JNL to the new Prudential enterprise is yet to be determined. As a result, the ratings will remain under review pending the successful completion of the acquisition and A.M. Best’s discussions with the management teams of both JNL and Prudential.

    For Best’s Credit Ratings, an overview of the rating process and rating methodologies, please visit http://www.ambest.com/ratings.

    The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at http://www.ambest.com/ratings/methodology.

    Originally Posted at InsuranceNewsNet on March 4, 2010 by N/A.

    Categories: Industry Articles
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