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A.M. Best Co. has commented that the financial strength ratings of B++ (Good) and issuer credit ratings of “bbb+” of
Presidential Life Insurance Company (PLIC) (Nyack, NY) and
Athene Annuity & Life Assurance Company (Athene Annuity) (Greenville, SC) are unchanged following
Athene Holding Ltd.’s (Athene) (Bermuda) July 13, 2012 announcement that it had reached a definitive agreement for Athene Annuity to acquire PLIC. PLIC is the operating company for
Presidential Life Corporation (Presidential) (Nyack, NY) [NASDAQ: PLFE], and Presidential’s ICR of “bb+” also is unchanged.
The $14.00 per share cash price represents an aggregate purchase price of approximately $415 million. In A.M. Best’s opinion, the transaction should not have a significant effect on the financial strength of the insurance operating companies. The acquisition of PLIC’s fixed annuity block is consistent with Athene’s growth strategy; however, the rapid pace of acquisitions will need to be monitored, and A.M. Best will review the integration along with the impact on PLIC’s operating results and risk-based capital when the acquisition is finalized and implemented.