A.M. Best Comments on Credit Ratings of State National Companies, Inc. and Its Subsidiaries

OLDWICK, N.J.--()--A.M. Best has commented that the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb” of State National Companies, Inc. (State National) (headquartered in Bedford, TX) (NASDAQ:SNC) and the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICRs of “a” of the members of State National Group remain unchanged following the acquisition announcement of State National by Markel Corporation (Glen Allen, VA). The outlook of the Long-Term ICRs remains positive, while the outlook of the FSR remains stable.

On July 26, 2017, it was announced that Markel Corporation would acquire all of the outstanding shares of State National for $21 per share in cash, or approximately $919 million. The transaction is expected to close in the fourth quarter of 2017 and is subject to customary closing conditions including regulatory approvals.

A.M. Best will continue to monitor the progress of the proposed transaction and the impact, if any, it may have on State National Group’s risk profile, operating performance or capital levels.

This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2017 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Robert Raber, +1-908-439-2200, ext. 5696
Senior Financial Analyst
robert.raber@ambest.com
or
Greg Williams, +1-908-439-2200, ext. 5815
Senior Director
greg.williams@ambest.com
or
Christopher Sharkey, +1-908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1-908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com

Contacts

A.M. Best
Robert Raber, +1-908-439-2200, ext. 5696
Senior Financial Analyst
robert.raber@ambest.com
or
Greg Williams, +1-908-439-2200, ext. 5815
Senior Director
greg.williams@ambest.com
or
Christopher Sharkey, +1-908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1-908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com