OLDWICK, N.J.--(BUSINESS WIRE)--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.
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