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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Contacts:
Jennifer Marshall, +1 908 439 2200, ext. 5327
Assistant
Vice President
jennifer.marshall@ambest.com
or
Christopher
Sharkey, +1 908 439 2200, ext. 5159
Manager, Public
Relations
christopher.sharkey@ambest.com
or
John
Andre, +1 908 439 2200, ext. 5619
Group Vice President
john.andre@ambest.com
or
Jim
Peavy, +1 908 439 2200, ext. 5644
Assistant Vice
President, Public Relations
james.peavy@ambest.com