A.M. Best Withdraws Ratings of Presidential Life Insurance Company – USA

OLDWICK, N.J.--()--A.M. Best Co. has withdrawn the financial strength rating of B++ (Good) and the issuer credit rating of “bbb” of Presidential Life Insurance Company – USA (formerly Great American Life Assurance Company) (Wilmington, DE).

The withdrawal of the ratings was due to the change in business strategy following Athene Holding Ltd.’s (Athene) December 2012 acquisition of Presidential Life Insurance Company (PLIC). In early 2012, PLIC purchased Great American Life Assurance Company as a shell company just prior to Athene’s subsequent purchase of PLIC and no business has been written to date.

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.

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.

Contacts

A.M. Best Company
Anthony McSwieney, 908-439-2200, ext. 5715
Senior Financial Analyst
anthony.mcswieney@ambest.com
or
Rachelle Morrow, 908-439-2200, ext. 5378
Senior Manager, Public Relations
rachelle.morrow@ambest.com
or
William Pargeans, 908-439-2200, ext. 5359
Assistant Vice President
william.pargeans@ambest.com
or
Jim Peavy, 908-439-2200, ext. 5644
Assistant Vice President, Public Relations
james.peavy@ambest.com

Sharing

Contacts

A.M. Best Company
Anthony McSwieney, 908-439-2200, ext. 5715
Senior Financial Analyst
anthony.mcswieney@ambest.com
or
Rachelle Morrow, 908-439-2200, ext. 5378
Senior Manager, Public Relations
rachelle.morrow@ambest.com
or
William Pargeans, 908-439-2200, ext. 5359
Assistant Vice President
william.pargeans@ambest.com
or
Jim Peavy, 908-439-2200, ext. 5644
Assistant Vice President, Public Relations
james.peavy@ambest.com