OLDWICK, N.J., November 30, 2021--(BUSINESS WIRE)--AM Best has commented that the Credit Ratings (ratings) of American Life & Security Corp. (American Life) (headquartered in Lincoln, NE) remain unchanged following the Nov. 22, 2021, announcement that A. Michael Salem, one of the company’s co-CEOs, has resigned as an officer and director and will leave the company, effective immediately.
American Life has appointed Georgette C. Nicholas as the new CEO, as she will continue to serve as the interim chief financial officer until such replacement is found. Mike Minnich was named president and will no longer serve as co-CEO, but continue as the chief investment officer. Independent Director John T. Hompe also was appointed as non-executive chair of the board. AM Best believes that Ms. Nicholas will continue to focus on the execution of the company’s previously announced strategy. AM Best also expects that the company will continue its upward trajectory in operating performance, supported by strong internal capital generation. AM Best will continue to monitor results closely against future growth projections.
This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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