KBRA Comments on the Announced Sale of Janney Montgomery Scott from Penn Mutual to KKR

NEW YORK--(BUSINESS WIRE)--KBRA comments that subsequent to the recently announced sale of Janney Montgomery Scott (Janney) from Penn Mutual to KKR, the AA insurance financial strength ratings (IFSR) of Penn Mutual Life Insurance Company, Penn Insurance and Annuity Company, Penn Insurance and Annuity Company of NY and Vantis Life Insurance Company, and the A+ rating on the company’s surplus notes, remain unchanged. Management expects the transaction to close in 4Q2024.

Penn Mutual had managed Janney as an independent unit and viewed it as an investment. The sale will provide proceeds that KBRA expects Penn Mutual will use to invest in and grow its core businesses.

About KBRA

KBRA is a full-service credit rating agency registered in the U.S., the EU, and the UK, and is designated to provide structured finance ratings in Canada. KBRA’s ratings can be used by investors for regulatory capital purposes in multiple jurisdictions.

Doc ID: 1005267

Contacts

Donna Halverstadt, Managing Director
+1 646-731-3352
donna.halverstadt@kbra.com

Ethan Kline, Associate
+1 646-731-1278
ethan.kline@kbra.com

Peter Giacone, Senior Managing Director
+1 646-731-2407
peter.giacone@kbra.com

Business Development Contact

Tina Bukow, Managing Director
+1 646-731-2368
tina.bukow@kbra.com

Industry:

Kroll Bond Rating Agency, LLC

Details

Headquarters: New York City, New York

Website: https://www.kbra.com/

CEO: Jim Nadler

Employees: 400+

Organization: PRI

Release Versions

Hashtags

Contacts

Donna Halverstadt, Managing Director
+1 646-731-3352
donna.halverstadt@kbra.com

Ethan Kline, Associate
+1 646-731-1278
ethan.kline@kbra.com

Peter Giacone, Senior Managing Director
+1 646-731-2407
peter.giacone@kbra.com

Business Development Contact

Tina Bukow, Managing Director
+1 646-731-2368
tina.bukow@kbra.com

Social Media Profiles

KBRA X

KBRA Analytics X

More News From Kroll Bond Rating Agency, LLC

KBRA Assigns AAA Rating to State of Maryland General Obligation Bonds, State and Local Facilities Loan of 2026, First Series Tax-Exempt Bonds (Competitive); Affirms Rating for Parity Bonds

NEW YORK--(BUSINESS WIRE)--KBRA assigns a long-term rating of AAA to the State of Maryland General Obligation Bonds, State and Local Facilities Loan of 2026, First Series Tax-Exempt Bonds (Competitive) and affirms the long-term rating of AAA for the State's outstanding General Obligation Bonds. The rating Outlook is Stable. Key Credit Considerations The rating actions reflect the following key credit considerations: Credit Positives Inherent strength and breadth of the State GO payment pledge E...

KBRA Credit Ratings to Be Included in Bloomberg CMBS Index Methodology

NEW YORK--(BUSINESS WIRE)--KBRA today announced that its credit ratings will be incorporated into Bloomberg Index Services Limited’s CMBS index rating methodology, effective with the June 2026 month-end index rebalance. The Bloomberg CMBS index is a widely followed benchmark used by institutional investors to track the performance of U.S. commercial mortgage-backed securities and support portfolio construction, risk management, and relative value analysis. The index includes more than 2,300 sec...

KBRA Assigns AA Rating to the Department of Water and Power of the City of Los Angeles, CA Power System Revenue Bonds, 2026 Series B; Outlook is Stable

NEW YORK--(BUSINESS WIRE)--KBRA assigns a long-term rating of AA to the Department of Water and Power of the City of Los Angeles, CA Power System Revenue Bonds, 2026 Series B. The Outlook is Stable. The long-term rating reflects the stable operating and financial performance of the Power System of the Los Angeles Department of Water and Power ("LADWP”), which benefits from a large, mostly residential service area, with rising, though still affordable customer rates, a diverse generation mix, an...

Back to Newsroom