AM Best has assigned a Long-Term Issue Credit Rating of “a-” (Excellent) to the $750 million 5.95% senior unsecured notes, due June 2036, issued by Sammons Financial Group, Inc. (SFG) (Delaware). The outlook assigned to this Credit Rating (rating) is stable.
Proceeds from the issuance will be used for general corporate purposes including business growth at SFG’s two insurance operating subsidiaries – Midland National Life Insurance Company and North American Company for Life and Health Insurance. AM Best notes that SFG’s adjusted financial leverage will increase to approximately 22.5% from 2025’s year-end adjusted financial leverage of 18.6%. Interest coverage with this debt issue is expected to remain favorable and is considered adequate. SFG maintains sufficient liquidity to service its debt along with a well-laddered debt maturity structure.
This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
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