AM Best Places Credit Ratings of Atlantic American Corporation and Its Subsidiaries Under Review With Negative Implications

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has placed under review with negative implications the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of American Southern Insurance Company (Topeka, KS) and its wholly owned and 100% reinsured subsidiary, American Safety Insurance Company (collectively referred to as American Southern Group). Additionally, AM Best has placed under review with negative implications the FSR of A- (Excellent) and the Long-Term ICRs of “a-” (Excellent) of Bankers Fidelity Life Insurance Company and its wholly owned and 100% reinsured subsidiaries, Bankers Fidelity Assurance Company and Atlantic Capital Life Assurance Company (collectively referred to as Bankers Fidelity Life Insurance Group). Concurrently, AM Best has placed under review with negative implications the Long-Term ICR of “bbb-” (Good) of the parent company, Atlantic American Corporation (Atlantic American) [NASDAQ: AAME]. All companies are domiciled in Atlanta, GA, unless otherwise specified.

The under review with negative implications status follows announcements by Atlantic American on April 1, 2026, and May 18, 2026, regarding the corporation’s inability to file its annual report on Form 10-K and Form 10-Q for the periods ending Dec. 31, 2025, and March 31, 2026, respectively. Consequently, Atlantic American received notices from NASDAQ on April 21, 2026, and May 22, 2026, citing Atlantic American’s non-compliance with NASDAQ listing rule 5250 (c) (1), which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission.

Subsequently, on June 2, 2026, Atlantic American reported that it entered into a second amendment to its revolving credit agreement with Truist Bank. The amendment extended the date that Atlantic American must deliver its audited consolidated financial statements for year-end 2025, interim consolidated statements for the quarter ending March 31, 2026, and related certificates of the corporation’s compliance with financial covenants under the credit agreement and certain other matters to no later than July 31, 2026.

AM Best requested preliminary financial statements for year-end 2025 and for the quarter ending March 31, 2026, but management was unable to provide the requested financial statements for either period. The lack of financial disclosure significantly limits transparency into Atlantic American’s current financial position. AM Best will reevaluate the under review status with negative implications once Atlantic American regains compliance with NASDAQ, and after AM Best analyzes the company’s year-end 2025 Form 10-K and first-quarter 2026 10-Q filings.

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