KBRA Comments on the Announced Sale of Janney Montgomery Scott from Penn Mutual to KKR

KBRA comments that subsequent to the recently announced sale of Janney Montgomery Scott (Janney) from Penn Mutual to KKR, the AA insurance financial strength ratings (IFSR) of Penn Mutual Life Insurance Company, Penn Insurance and Annuity Company, Penn Insurance and Annuity Company of NY and Vantis Life Insurance Company, and the A+ rating on the company’s surplus notes, remain unchanged. Management expects the transaction to close in 4Q2024.

Penn Mutual had managed Janney as an independent unit and viewed it as an investment. The sale will provide proceeds that KBRA expects Penn Mutual will use to invest in and grow its core businesses.