GALVESTON, Texas, Jan. 10, 2018 (GLOBE NEWSWIRE) -- American National Insurance Company announces that, effective January 1, 2018, American National Life Insurance Company of New York merged into Farm Family Life Insurance Company. Following the merger of these two subsidiaries, the surviving company has assumed the name American National Life Insurance Company of New York.
The merger of American National’s New York life insurance companies into a single entity furthers American National’s commitment to promoting and strengthening the American National brand while simplifying the corporate structure and improving service to New York customers.
A more simplified but powerful structure will allow American National to better focus its efforts, improve speed to market and reduce expenses associated with implementing products in multiple companies, resulting in benefits to American National, as well as to agents and policyholders.
American National remains committed to our clients. As part of that commitment, American National Life Insurance Company of New York will continue to provide innovative insurance, annuity and pension products.
About American National
American National Insurance Company (American National), headquartered in Galveston, Texas, was founded in 1905 and is licensed in all states except New York. American National and its subsidiaries offer a broad line of products and services, which include life insurance, annuities, health insurance, credit insurance, pension products, and property and casualty insurance for personal lines, agribusiness and certain commercial exposures. American National companies operate in all 50 states.
American National Life Insurance Company of New York, whose home office is in Glenmont, New York, is licensed to conduct the business of insurance in the state of New York and twelve other states. American National Life Insurance Company of New York offers a broad line of Life Insurance and Annuity products and services, which include life insurance, annuities, credit insurance and pension products to New York residents.
The most recently published financial information on both companies is available online via the following links:
American National Life Insurance Company of New York
Farm Family Life Insurance Company
American National Life Insurance Company of New York has been evaluated and assigned the following ratings by nationally recognized, independent rating agencies. The ratings are current as of December 2017, based on 2016 financial results.
|Standard & Poor’s2||A|
Ratings reflect current independent opinions of the financial capacity of an insurance organization to meet the obligations of its insurance policies and contracts in accordance with their terms. They are based on comprehensive quantitative and qualitative evaluations of the company and its management strategy. The rating agencies do not provide ratings as a recommendation to purchase insurance or annuities. The ratings are not a warranty of an insurer's current or future ability to meet its contractual obligations.
1 A.M. Best’s active company rating scale is: A++ (Superior), A+ (Superior), A (Excellent), A-
(Excellent), B++ (Good), B+ (Good), B (Fair), B- (Fair), C++ (Marginal), C+ (Marginal), C (Weak), C- (Weak) and D (Poor).
2 Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.
For more information, including company news, investor relations information and the full rating reports, visit the company’s web site at www.AmericanNational.com
CONTACT: Jim Pozzi,
President and CEO
One Moody Plaza I Galveston, TX 77550
Source:American National Insurance Company