11/18/2020 | Press release | Distributed by Public on 11/18/2020 11:02
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NOVEMBER 18, 2020 11:40 AM (EST)
AM Best Assigns Issue Credit Rating to Assurant Inc.'s Subordinated Notes
Senior Financial Analyst
+1 908 439 2200, ext. 5372
Daniel J. Ryan
Manager, Public Relations
+1 908 439 2200, ext. 5159
FOR IMMEDIATE RELEASE
OLDWICK - NOVEMBER 18, 2020 11:40 AM (EST)
AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of 'bbb' to the recently issued $250 million, 5.25% subordinated notes, due 2061, of Assurant, Inc. (Assurant) (headquartered in New York, NY) [NYSE: AIZ]. The outlook assigned to the Credit Rating (rating) is stable.
Following the debt issuance, financial leverage will remain within guidelines for the assigned rating. Assurant intends to use the net proceeds from the debt offering, along with available cash on the balance sheet, to fund the company's previously announced acquisition of HYLA Mobile. Any remaining proceeds will be used for general corporate purposes.
Assurant's Long-Term Issuer Credit Rating of 'bbb+', its existing Long-Term IRs and the ratings of its operating insurance subsidiaries are unchanged.
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 media use of Best's Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best's Credit Ratings and AM Best Rating Action Press Releases.
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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.