Related Party Transactions

3 Months Ended

Mar. 31, 2020

American National has entered into recurring transactions and agreements with certain related parties. These include mortgage loans, management contracts, agency commission contracts, marketing agreements, health insurance contracts, and legal services. The impact on the condensed consolidated financial statements of significant related party transactions is shown below (in thousands):


		Dollar Amount of Transactions
		Three months ended March 31,						Amount due to (from) American National
Related Party	Financial Statement Line Impacted	2020		2019		March 31, 2020		December 31, 2019
Gal-Tex Hotel Corporation	Mortgage loan on real estate	$	—	$	431	$	—	$	—
Gal-Tex Hotel Corporation	Net investment income	—		8		—		—
Greer, Herz & Adams, LLP	Other operating expenses	3,843		2,889		(595)		(519)

Mortgage Loans to Gal-Tex Hotel Corporation (“Gal-Tex”): American National held a first mortgage loan which originated in 1999, with an interest rate of 7.25% and final maturity date of April 1, 2019 issued to a subsidiary of Gal-Tex, which was collateralized by a hotel property in San Antonio, Texas. This loan has been paid in full. The Moody Foundation owns 34.0% of Gal-Tex and 22.75% of American National, and the Libbie Shearn Moody Trust owns 50.2% of Gal-Tex and 37.0% of American National.

Transactions with Greer, Herz & Adams, LLP: Irwin M. Herz, Jr. is a director on the American National Board of Directors and a Partner with Greer, Herz & Adams, LLP, which serves as American National’s General Counsel.