AM Best has assigned a long-term issue credit rating of “aa” (Superior) with a stable outlook to $2bn in 30-year surplus notes to be issued by Teachers Insurance and Annuity Association of America.

The New York-based insurer plans to use the proceeds for general corporate purposes, including financing related to asset manager Nuveen’s acquisition of Schroders. Nuveen, a TIAA subsidiary, announced the cash acquisition of the British fund manager in February 2026.

AM Best estimates the transaction will increase TIAA’s adjusted leverage to approximately 15 per cent on a pro-forma basis, reflecting the purchase financing terms.