A.M. Best has assigned an issue rating of “bb” to the recently issued $200 million 7.50% non-cumulative perpetual preferred stock of National General Holdings Corp. (NGHC) [NASDAQ:NGHC] (headquartered in New York, NY). The outlook assigned to the rating is stable. All remaining ratings of NGHC and its subsidiaries are unchanged.
The proceeds from the issuance will be used for general corporate purposes, including strategic acquisitions and support of current and future policy writings. With the issuance of the preferred shares, NGHC’s adjusted debt-to-total capital and adjusted debt-to-tangible capital measures remain within A.M. Best’s guidelines for the current rating level, as does its interest coverage ratio.
This press release relates to rating(s) that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page.
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