OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issuer Credit Rating of “aa-” (Superior) to Sammons Financial Group Global Funding (SFG Global Funding) (Delaware). The outlook assigned to this Credit Rating (rating) is stable.
SFG Global Funding is a new statutory trust organized in Delaware created to issue senior secured medium-term notes collateralized by funding agreements issued to it by Midland National Life Insurance Company (Midland National), an Iowa-domiciled life insurance company that is part of Sammons Financial Group (SFG). SFG Global Funding plans to issue senior unsecured medium-term notes on an opportunistic basis and is permitted to issue up to $5 billion outstanding at any one time (or the equivalent in one or more foreign currencies). AM Best notes that SFG’s operating leverage remains within AM Best’s guidelines with additional issuances expected to increase operating leverage moderately over the next several years.
SFG is a financial services holding company made up of several member companies that offer a variety of financial and retirement products through multiple distribution channels. SFG’s insurance products include life insurance, including bank credit union-owned life insurance, and fixed and variable annuities. In addition, it offers mutual fund custodial individual retirement account products, and investment advisory services through Beacon Capital Management, LLC.
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