AM Best Places Credit Ratings of Atlantic American Corporation and Its Subsidiaries Under Review With Developing Implications

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has placed under review with developing implications the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of American Southern Insurance Company (Topeka, KS) and its wholly owned and 100% reinsured subsidiary, American Safety Insurance Company (collectively referred to as American Southern Group). Additionally, AM Best has placed under review with developing implications the FSR of A- (Excellent) and the Long-Term ICRs of “a-” (Excellent) of Bankers Fidelity Life Insurance Company and its wholly owned and 100% reinsured subsidiary, Bankers Fidelity Assurance Company (collectively referred to as Bankers Fidelity Life Insurance Group [BFLIG]). Concurrently, AM Best has placed under review with developing implications the Long-Term ICR of “bbb-” (Good) of the parent company, Atlantic American Corporation (Atlantic American) [NASDAQ: AAME]. All companies are domiciled Atlanta, GA, unless otherwise specified.

The under review with developing implications status follows an announcement by Atlantic American on April 21, 2023, that it received notice from NASDAQ on April 18, 2022, that Atlantic American is no longer in compliance with NASDAQ listing rule 5250 (c) (1), which requires listed companies to timely file all required periodic financial reports with the SEC. AM Best will re-evaluate the under review status once Atlantic American regains compliance with NASDAQ and after AM Best analyzes the company’s year-end 2022 Form 10-K and first-quarter 2023 10-Q filings.

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