A.M. Best has commented that the Long-Term Issuer Credit Rating of “bbb-” of National General Holdings Corp. (National General) (New York, NY) (NASDAQ:NGHC) and all other Credit Ratings (ratings) assigned to National General subsidiaries and securities issued by National General are unchanged at this time following the disclosure of a delay of up to fifteen days in the filing of the company’s annual report for the fiscal year ended Dec. 31, 2016 (10-K).
Under the rules of the Securities and Exchange Commission, the filing of a Form 12b-25 by National General gives the company an additional 15-day period in which to submit a Form 10-K and still be deemed a timely filer. A.M. Best will continue to monitor the situation and will consider further action should results reported in the 10-K differ materially from the financial results for the fourth quarter and full-year 2016 released on Feb. 27, 2017, or should the filing be delayed further. A.M. Best also will review management’s action plan for ensuring the timeliness of future filings as part of its review and assessment of National General’s enterprise risk management framework and process.
This press release relates to Credit Ratings 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.
For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings.
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