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| [January 04, 2013] |
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A.M. Best Withdraws Ratings of Six Life Insurance Subsidiaries of American International Group, Inc. Due to Legal Entity Mergers
OLDWICK, N.J. --(Business Wire)--
A.M. Best Co. has withdrawn the financial strength rating of A
(Excellent) and issuer credit ratings of "a" of six domestic life
insurance subsidiaries of American International Group, Inc. (AIG)
(NYSE: AIG): SunAmerica Annuity and Life Assurance Company
(SALAC) (Phoenix, AZ), SunAmerica Life Insurance Company (SLIC)
(Phoenix, AZ), Western National Life Insurance Company (WNLIC)
(Amarillo, TX), American General Assurance Company (AGLA)
(Schaumburg, IL), American General Life and Accident Insurance Company
(AGLAIC) (Nashville, TN) and American General Life Insurance Company
of Delaware (AGLICDE) (Wilmington, DE).
Effective December 31, 2012, the aforementioned companies merged with
and into Ameican General Life Insurance Company (AGLIC)
(Houston, TX), AIG's lead U.S. life insurance company. These
transactions are part of AIG's ongoing strategy to streamline its
insurance company structure into fewer operating companies in order to
maximize efficiency. As a result of the mergers, SALAC, SLIC, WNLIC,
AGLA, AGLAIC and AGLICDE policyholders have become policyholders of
AGLIC.
The methodology used in determining these ratings is Best's Credit
Rating Methodology, which provides a comprehensive explanation of A.M.
Best's rating process and contains the different rating criteria
employed in the rating process. Best's Credit Rating Methodology can be
found at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is the world's oldest and most
authoritative insurance rating and information source. For more
information, visit www.ambest.com.
Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS
RESERVED.
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