A.M. Best Comments on Credit Ratings of State National Companies, Inc. and Its Subsidiaries
July 26 2017 - 11:14AM
Business Wire
A.M. Best has commented that the Long-Term Issuer Credit
Rating (Long-Term ICR) of “bbb” of State National Companies,
Inc. (State National) (headquartered in Bedford, TX)
(NASDAQ:SNC) and the Financial Strength Rating (FSR) of A
(Excellent) and the Long-Term ICRs of “a” of the members of
State National Group remain unchanged following the
acquisition announcement of State National by Markel
Corporation (Glen Allen, VA). The outlook of the Long-Term ICRs
remains positive, while the outlook of the FSR remains stable.
On July 26, 2017, it was announced that Markel Corporation would
acquire all of the outstanding shares of State National for $21 per
share in cash, or approximately $919 million. The transaction is
expected to close in the fourth quarter of 2017 and is subject to
customary closing conditions including regulatory approvals.
A.M. Best will continue to monitor the progress of the proposed
transaction and the impact, if any, it may have on State National
Group’s risk profile, operating performance or capital levels.
This press release relates to Credit Ratings that have been
published on A.M. Best’s website. For all rating information
relating to the release and pertinent disclosures, including
details of the office responsible for issuing each of the
individual ratings referenced in this release, please see A.M.
Best’s Recent Rating Activity web page. For
additional information regarding the use and limitations of Credit
Rating opinions, please view Understanding Best’s Credit
Ratings. For information on the proper media use of Best’s
Credit Ratings and A.M. Best press releases, please view
Guide for Media - Proper Use of Best’s Credit Ratings and A.M.
Best Rating Action Press Releases.
A.M. Best is the world’s oldest and most authoritative
insurance rating and information source. For more information,
visit www.ambest.com.
Copyright © 2017 by A.M. Best Rating
Services, Inc. and/or its subsidiaries. ALL RIGHTS
RESERVED.
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version on businesswire.com: http://www.businesswire.com/news/home/20170726005874/en/
A.M. BestRobert Raber, +1-908-439-2200, ext.
5696Senior Financial
Analystrobert.raber@ambest.comorGreg Williams,
+1-908-439-2200, ext. 5815Senior
Directorgreg.williams@ambest.comorChristopher Sharkey,
+1-908-439-2200, ext. 5159Manager, Public
Relationschristopher.sharkey@ambest.comorJim Peavy,
+1-908-439-2200, ext. 5644Director, Public
Relationsjames.peavy@ambest.com
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