AM Best Withdraws Credit Ratings of American Sentinel Insurance Company
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OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has withdrawn the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of American Sentinel Insurance Company (American Sentinel) (Harrisburg, PA). These Credit Ratings (ratings) were under review with developing implications pending the sale of American Sentinel.
The sale of American Sentinel to Pie Carrier Holdings was withdrawn. All the business in American Sentinel has been moved over into an affiliate, Aegis Security Insurance Company (Aegis). The new and renewal book of business for American Sentinel has been rolled over to Aegis, effective Jan. 1, 2021. Additionally, the company has received regulatory approval to enter into a Loss Portfolio Transfer and Quota Share Agreement between American Sentinel and Aegis, and management moved all of the reserves to Aegis. At the current time, American Sentinel is a shell company with no premium or reserves.
AM Best’s policy is for a final rating to be completed along with a rating withdrawal. However, a final rating could not be completed due to the lack of business and forward-looking financial information necessary to support the formation of a current rating opinion.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Source: AM Best
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