AM Best Assigns Issuer Credit Rating to Sammons Financial Group Global Funding – InsuranceNewsNet

OLDWICK, NJ–(BUSINESS WIRE)–
AM Best assigned a long-term issuer credit rating of “aa-” (superior) to Sammons Financial Group Global Funding (SFG Global Funding) (Delaware). The outlook attributed to this credit rating (rating) is stable.

SFG Global Funding is a new statutory trust organized in Delaware created to issue senior secured medium term notes secured by financing agreements issued to it by Midland National Life Insurance Company (Midland National), a Iowa-domiciled life insurance company that is part of Sammons Financial Group (SFG). SFG Global Funding intends to issue senior unsecured medium term notes on an opportunistic basis and is authorized to issue up to $5 billion outstanding at any given time (or the equivalent in one or more foreign currencies). AM Best notes that SFG’s operating leverage remains within AM Best’s guidelines, with additional issuances expected to moderately increase operating leverage over the next few years.

SFG is a financial services holding company comprised of multiple member firms that offer a variety of financial and retirement products through multiple distribution channels. SFG’s insurance products include life insurance, including life insurance owned by bank credit unions, and fixed and variable annuities. In addition, it offers mutual fund individual custodial retirement account products and investment advisory services through Beacon Capital Management, LLC.

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 relevant disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Assessment Activity Web page. For more information on the use and limitations of credit rating opinions, please see Best Credit Score Guide. For more information on the proper use of Best’s Credit Scores, Best’s Performance Ratings, Best’s Preliminary Credit Ratings, and AM Best’s press releases, please see Guide to Proper Use of Best’s Ratings and Reviews.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Based at United Statesthe company does business in more than 100 countries with regional offices in London, amsterdam, dubai, hong kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2022 by AM Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Source: AM Best