GALVESTON, Texas, Feb. 12, 2020 (GLOBE NEWSWIRE) -- On February 12, 2020, American National Insurance Company (NASDAQ: ANAT) (“American National”) announced its pursuit of a holding company reorganization (the “Reorganization”) that if consummated would result in American National becoming a direct, wholly-owned subsidiary of a newly-formed Delaware corporation, American National Group, Inc. (the “Holding Company”). Subject to approval of the Reorganization by American National’s stockholders at the 2020 Annual Meeting of Stockholders (the “Annual Meeting”), and certain regulatory approvals and other customary conditions, American National expects that the Reorganization will be completed this summer.
The directors and executive officers of the Holding Company will be the same as those for American National and the business operations will continue from current office locations and companies. This Reorganization is expected to provide American National with more strategic and financial flexibility and will improve its ability to remain a strong, enduring company.
As a result of the Reorganization, the current stockholders of American National would become stockholders of the Holding Company with the same number and percentage of shares of the Holding Company as they held in American National prior to the Reorganization. The Holding Company’s common stock is expected to be listed on the NASDAQ Stock Market under the ticker symbol “ANAT”, the same symbol currently used by American National. The Reorganization is intended to be a tax-free transaction for U.S. federal income tax purposes for American National and its stockholders.
Additional details and information regarding the Reorganization will be included in a joint proxy statement/prospectus relating to the Annual Meeting to be mailed to stockholders when available.
ABOUT AMERICAN NATIONAL
American National is a family of companies that has, on a consolidated GAAP basis, $28.5 billion in assets, $22.7 billion in liabilities and $5.8 billion in stockholders’ equity. American National, founded in 1905 and headquartered in Galveston, Texas, and its 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 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, the parent 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.
