AM Best Places Credit Ratings of Prosperity Life Group Members and Subsidiaries Under Review With Developing Implications

AM Best has placed under review with developing implications the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) of Shenandoah Life Insurance Company (Roanoke, VA), SBLI USA Life Insurance Company, Inc. (New York, NY), Prosperity Life Assurance Limited (PLAL) (Bermuda) and S.USA Life Insurance Company, Inc. (Phoenix, AZ), collectively referred to as Prosperity Life Group (Prosperity). Concurrently, AM Best has placed under review with developing implications the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of National Western Life Insurance Company (NWL) (Phoenix, AZ) and Ozark National Life Insurance Company (Ozark) (Kansas City, MO).

The Credit Ratings (ratings) of Prosperity, NWL and Ozark have been placed under review with developing implications following the Feb. 5, 2025, announcement from JAB Holding Company s.à.r.l. (JAB) and Elliott Investment Management of a definitive agreement whereby JAB will acquire 100% of Prosperity and Prosperity Asset Management (PAM), as well as NWL, which was recently acquired. Prosperity should eventually become a tactical part of JAB's overall strategy to build a global life insurance platform at scale in the United States.

Certain details of the transaction, which is expected to close sometime in the second half of 2025, have not been disclosed, with the senior management team of Prosperity currently remaining in place. AM Best will continue to monitor this situation and provide updates as conditions warrant.

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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