OLDWICK, N.J. - (Business Wire)
A.M. Best Co. has placed the financial strength rating (FSR) of B++ (Good) and issuer credit rating (ICR) of “bbb” of
Shenandoah Life Insurance Company (Shenandoah Life) (Roanoke, VA) under review with developing implications.
These rating actions follow a public announcement of Shenandoah Life’s proposed merger with OneAmerica Financial Partners, Inc. (OneAmerica). Under the proposed plan, Shenandoah Life would become a subsidiary of OneAmerica, an intermediate holding company, whose lead company is American United Life Insurance Company (both of Indianapolis, IN). A.M. Best expects the merger to be completed in mid-2009, following an approval of the transaction by eligible policyholders of both companies and federal and state regulatory authorities.
The ratings of OneAmerica and its operating life insurance subsidiaries are unchanged by this rating action. The ratings of Shenandoah Life will remain under review pending final approval by eligible policyholders, regulatory authorities and further discussion with company management.
For Best’s Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.
Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.
A.M. Best Co.
Analysts
Robert Stewart, 908-439-2200, ext. 5232
robert.stewart@ambest.com
or
Raj Shah, 908-439-2200, ext. 5409
raj.shah@ambest.com
or
Public Relations
Jim Peavy, 908-439-2200, ext. 5644
james.peavy@ambest.com
or
Rachelle Morrow, 908-439-2200, ext. 5378
rachelle.morrow@ambest.com
