GALVESTON, Texas, April 15 American National Insurance Company's subsidiaries, American National Life Insurance Company of Texas [ANTEX] and Standard Life and Accident Insurance Company [SLAICO], will discontinue the sale of individual medical expense insurance plans effective June 30th, 2010. American National Insurance Company continues to be committed to the health insurance market place and will focus on Medicare Supplement insurance and large group coverage as well as other supplementary health products. The decision to cease new sales was made after careful consideration of the recent healthcare legislation and based on the knowledge that the companies' individual medical expense plans will not meet the requirements of the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 recently enacted by the United States Federal Government.
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American National Insurance Company is headquartered in Galveston, Texas. American National has over $20.1 billion in GAAP assets and is rated A (Excellent) by A.M. Best Company, and AA- (Very Strong) by Standard & Poor's. The American National family of companies offers a broad line of products and services, which include life insurance, annuities, health insurance, credit insurance, pension plan services and property and casualty insurance for personal lines, agribusiness, and targeted commercial exposures. American National's major insurance subsidiaries include American National Life Insurance Company of Texas, Standard Life and Accident Insurance Company, Garden State Life Insurance Company, American National Property and Casualty Company, Farm Family Life Insurance Company, Farm Family Casualty Insurance Company and United Farm Family Insurance Company.
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For more information, including company news and investor relations information, visit the company's web site at www.anico.com.
The statements contained in this release that are not historical statements, including statements regarding future performance, plans and projections, are forward-looking statements based on management's current expectations. These statements involve certain risks and uncertainties detailed in the Company's financial statements. Actual results may differ materially from these statements due to changes in business, regulatory, competitive, market, economic, and political factors that are beyond our control. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
SOURCE American National Insurance Company
