OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has placed under review with positive implications the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of a- (Excellent) of ShelterPoint Insurance Company (SPI) (West Palm Beach, FL) and ShelterPoint Life Insurance Company (SPL) (Garden City, NY). These companies are collectively referred to as ShelterPoint Life.
This Credit Rating (rating) action follows the announcement that Protective Life Corporation (Protective Life), a U.S. subsidiary of Dai-ichi Life Holdings, Inc. [TSE: 8750] and its primary life insurance subsidiary, Protective Life Insurance Company, entered into an agreement to acquire ShelterPoint Group, Inc., the holding company of ShelterPoint Life. The under review with positive implications status reflects the expected benefits ShelterPoint Life will receive from joining Protective Life and the greater financial strength of the organization.
The transaction is expected to close in late 2024. The ratings will likely remain under review pending completion of the acquisition, and until AM Best can complete its assessment of ShelterPoint Life's post-acquisition rating fundamentals.
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 Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
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Brent DeAngelis
Financial Analyst
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Al Slavin
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Source: AM Best