-

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

Kroll Bond Rating Agency, LLC

Details
Headquarters: New York City, New York
CEO: Jim Nadler
Employees: 400+
Organization: PRI

Release Versions

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
More News From Kroll Bond Rating Agency, LLC

KBRA Assigns BBB- Rating to Board of Education of the City of Chicago Unlimited Tax General Obligation Bonds (Dedicated Revenues), Series 2026A; Affirms Related Ratings; Outlook Remains Negative

NEW YORK--(BUSINESS WIRE)--KBRA assigns a long-term rating of BBB- to the Board of Education of the City of Chicago Unlimited Tax General Obligation Bonds (Dedicated Revenues), Series 2026A. KBRA additionally affirms the long-term ratings of BBB- for the District's Unlimited Tax General Obligation Bonds (Dedicated Revenues) without special revenue legal opinions and BBB for the District's Unlimited Tax General Obligation Bonds (Dedicated Revenues) with special revenue legal opinions. The rating...

KBRA Assigns Preliminary Ratings to US Signal Issuer LLC and US Signal Co-Issuer LLC Series 2026-1/2

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to three classes of notes from US Signal Issuer LLC and US Signal Co-Issuer LLC Series 2026-1 and Series 2026-2 (together, Series 2026-1/2), a colocation data center ABS transaction. The transaction represents the first ABS issuance issued by US Signal Issuer LLC and US Signal Co-Issuer LLC. All series share in the same collateral pool. US Signal Company, LLC (US Signal or the Manager) serves as the manager for the trust and is respons...

KBRA Assigns Preliminary Ratings to Foundation Finance Trust 2026-2

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to five classes of notes issued by Foundation Finance Trust 2026-2 (“FFIN 2026-2”), an asset-backed securitization collateralized by unsecured consumer loans primarily used for home improvements. FFIN 2026-2 will issue five classes of notes totaling $353.79 million, collateralized by $380.0 million receivables. FFIN 2026-2 has initial credit enhancement levels ranging from 46.90% for the Class A notes to 7.40% for the Class E notes. Cr...
Back to Newsroom