American National Insurance Company Announces Completion of Holding Company Reorganization

Rhea-AI Summary

American National Insurance Company has completed its holding company reorganization, making American National Group, Inc. (NASDAQ: ANAT) the new parent company. All shares of ANICO’s stock have automatically converted to American National’s stock, which trades under the ticker symbol ANAT. Stockholders do not need to take any action to exchange their shares. As of March 31, 2020, American National holds $27.8 billion in assets and $5.6 billion in stockholders’ equity. The company is rated 'A' by A.M. Best and Standard & Poor’s and operates in all 50 states.

Positive

• Successful completion of holding company reorganization.
• Conversion of ANICO shares to American National shares with no action required from shareholders.
• $27.8 billion in assets as of March 31, 2020.
• 'A' ratings from A.M. Best and Standard & Poor’s.

Negative

• None.

GALVESTON, Texas, July 02, 2020 (GLOBE NEWSWIRE) -- American National Insurance Company (“ANICO”) today announced that it has completed its previously announced holding company reorganization.  Pursuant to such reorganization, American National Group, Inc. (NASDAQ: ANAT), a Delaware corporation (“American National”), is now the parent company of ANICO and has replaced it as the publicly held corporation. The directors and officers of ANICO immediately prior to the reorganization serve as the directors and officers of American National, and business operations continue from our current office locations and companies.

Each share of ANICO’s common stock outstanding immediately prior to the reorganization has automatically converted into one share of American National’s common stock and trades under the NASDAQ Stock Market symbol “ANAT”.  Former stockholders of ANICO need not return stock certificates or otherwise take any action to exchange their shares for American National’s common stock. American National’s common stock has been assigned a new CUSIP number: 02772A 109.

ABOUT AMERICAN NATIONAL

American National is a family of companies that has, on a consolidated GAAP basis, $27.8 billion in assets, $22.2 billion in liabilities and $5.6 billion in stockholders’ equity, as of March 31, 2020. American National Insurance Company, founded in 1905 and headquartered in Galveston, Texas, and other American National subsidiaries offer a broad portfolio of products and services, which include life insurance, annuities, property and casualty insurance, health insurance, credit insurance, and pension products. The American National companies operate in all 50 states. Major insurance subsidiaries include American National Insurance Company, American National Life Insurance Company of Texas, American National Life Insurance Company of New York, American National Property and Casualty Company, Garden State Life Insurance Company, Standard Life and Accident Insurance Company, Farm Family Casualty Insurance Company and United Farm Family Insurance Company.

American National Insurance Company has been assigned an ‘A’ rating by A.M. Best Company and an ‘A’ rating by Standard & Poor’s, both of which are nationally recognized rating agencies, and is licensed to conduct the business of insurance in all states except New York.

For more information, including company news and investor relations information, visit the company’s web site at www.AmericanNational.com.

Contact: Timothy A. Walsh (409) 766-6553

FAQ

What is the significance of American National's reorganization under ANAT?

The reorganization allows American National Group, Inc. (NASDAQ: ANAT) to serve as the parent company of ANICO, streamlining operations.

What does the conversion of ANICO shares to ANAT shares mean for investors?

Investors' shares of ANICO have automatically converted to shares of American National, symbolized as ANAT, with no action required from them.

What are the key financial figures for American National as of March 31, 2020?

As of March 31, 2020, American National reported $27.8 billion in assets and $5.6 billion in stockholders' equity.

What ratings has American National received from rating agencies?

American National Insurance Company has received an 'A' rating from both A.M. Best and Standard & Poor's.