CINCINNATI–(BUSINESS WIRE)–American Monetary Group, Inc. (NYSE: AFG) introduced at the moment that the Ohio Division of Insurance coverage has authorised the sale of its Annuity companies, consisting of Nice American Life Insurance coverage Firm (GALIC) and its two insurance coverage subsidiaries, Annuity Traders Life Insurance coverage Firm and Manhattan Nationwide Life Insurance coverage Firm, to Massachusetts Mutual Life Insurance coverage Firm (MassMutual). The sale is predicted to shut on Might 28, 2021.
AFG expects to obtain whole after-tax money sale proceeds of $3.4 billion.
American Monetary Group is an insurance coverage holding firm, primarily based in Cincinnati, Ohio. Via the operations of Nice American Insurance coverage Group, AFG is engaged primarily in property and casualty insurance coverage, specializing in specialised business merchandise for companies, and within the sale of conventional fastened and fixed-indexed annuities within the retail, monetary establishments, broker-dealer, and registered funding advisor markets. On January 27, 2021, AFG introduced that it entered right into a definitive settlement to promote its annuity enterprise to Massachusetts Mutual Life Insurance coverage Firm. The sale is predicted to shut within the second quarter of 2021. Nice American Insurance coverage Group’s roots return to 1872 with the founding of its flagship firm, Nice American Insurance coverage Firm.
Ahead Wanting Statements
This press launch comprises sure statements that could be deemed to be “forward-looking statements” inside the that means of Part 27A of the Securities Act of 1933 and Part 21E of the Securities Alternate Act of 1934. All statements on this press launch not coping with historic outcomes are forward-looking and are primarily based on estimates, assumptions and projections. Examples of such forward-looking statements embody statements regarding: the Firm’s expectations regarding market and different circumstances and their impact on future premiums, revenues, earnings, funding actions and the quantity and timing of share repurchases; recoverability of asset values; anticipated losses and the adequacy of reserves for asbestos, environmental air pollution and mass tort claims; fee adjustments; and improved loss expertise.
Precise outcomes and/or monetary situation may differ materially from these contained in or implied by such forward-looking statements for a wide range of causes together with, however not restricted to: that AFG could also be unable to finish the proposed sale of its annuity enterprise as a result of, amongst different causes, circumstances to the closing of the proposed transaction might not be glad or waived, uncertainty as to the timing of completion of the proposed transaction, or failure to comprehend the anticipated advantages from the proposed transaction; adjustments in monetary, political and financial circumstances, together with adjustments in curiosity and inflation charges, foreign money fluctuations and prolonged financial recessions or expansions within the U.S. and/or overseas; efficiency of securities markets, together with the price of fairness index choices; new laws or declines in credit score high quality or credit score scores that would have a fabric impression on the valuation of securities in AFG’s funding portfolio; the provision of capital; adjustments in insurance coverage regulation or regulation, together with adjustments in statutory accounting guidelines, together with modifications to capital necessities; the consequences of the COVID-19 outbreak, together with the consequences on the worldwide and nationwide financial system and credit score markets, legislative or regulatory developments affecting the insurance coverage trade, quarantines or different journey or health-related restrictions; adjustments within the authorized atmosphere affecting AFG or its clients; tax regulation and accounting adjustments; ranges of pure catastrophes and extreme climate, terrorist actions (together with any nuclear, organic, chemical or radiological occasions), incidents of warfare or losses ensuing from pandemics, civil unrest and different main losses; disruption attributable to cyber-attacks or different know-how breaches or failures by AFG or its enterprise companions and repair suppliers, which may negatively impression AFG’s enterprise and/or expose AFG to litigation; improvement of insurance coverage loss reserves and institution of different reserves, notably with respect to quantities related to asbestos and environmental claims; availability of reinsurance and talent of reinsurers to pay their obligations; developments in persistency and mortality; aggressive pressures; the power to acquire sufficient charges and coverage phrases; adjustments in AFG’s credit score scores or the monetary power scores assigned by main scores businesses to AFG’s working subsidiaries; the impression of the circumstances within the worldwide monetary markets and the worldwide financial system regarding AFG’s worldwide operations; and different elements recognized in AFG’s filings with the Securities and Alternate Fee.
The forward-looking statements herein are made solely as of the date of this press launch. The Firm assumes no obligation to publicly replace any forward-looking statements.