Press Release - JUNE 05, 2019
AM Best Places Credit Ratings of Merit Life Insurance Co. Under Review with Developing Implications
FOR IMMEDIATE RELEASE
OLDWICK - JUNE 05, 2019
The Credit Ratings of Merit, which were last updated in December 2018, were placed under review with developing implications due to the recent public disclosure by its parent, OneMain Holdings, Inc. (OneMain), of its intent to divest the entity. OneMain indicated in its most recent public filing that it had entered into a share purchase agreement with a third-party insurance holding company to sell all of the issued and outstanding shares of Merit. The transaction is expected to close early in the third quarter of 2019. The ratings will remain under review pending upcoming discussions with the acquirer’s management, including analysis of proforma projections of capital and earnings, for assessment of the potential impact on the company’s current ratings.
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 Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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