TEXT-S&P affirms American Republic Insurance Co

Thu Oct 11, 2012 3:25pm EDT

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(The following statement was released by the rating agency)
    
Rating Action
On Sept. 21, 2012, Standard & Poor's Ratings Services affirmed its 'Api' 
counterparty credit and financial strength ratings on American Republic 
Insurance Co.

Rationale
The affirmation reflects the company's strong capitalization and strong 
liquidity as measured by our model. These strengths are offset somewhat by its 
weakened operating performance in 2011, as well as the company's product-line 
concentration in the accident and health business.

American Republic Insurance, which is based in Des Moines, Iowa, is a life and 
health insurance company that holds licenses to do business in 49 states and 
the District of Columbia. American Republic Insurance is ultimately controlled 
by American Republic Mutual Holding Co. through an intermediate holding 
company, American Enterprise Group Inc.

Related Criteria And Research
Ratings Bearing A "pi" Subscript: Methodology And Assumptions, Feb. 9, 2011

Ratings List
Ratings Affirmed

American Republic Insurance Co.
Counterparty Credit Rating
 Financial Strength Rating              Api
 

 (Caryn Trokie, New York Ratings Unit)
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