Press Release - SEPTEMBER 09, 2019
AM Best Comments on Credit Ratings of Pacific LifeCorp and Its Rated Insurance Subsidiaries
FOR IMMEDIATE RELEASE
OLDWICK - SEPTEMBER 09, 2019
ACG was owned indirectly by Pacific Life, carried as a Schedule BA asset for $1.9 billion on Pacific Life Insurance Company’s statutory statement as of year-end 2018. While the impact to Pacific Life’s balance sheet is material given its size, AM Best notes that the insurer’s risk-adjusted capitalization will remain supportive of its assessment of Pacific Life’s current balance sheet strength and ratings. Existing debt at AGC is non-recourse to Pacific Life. AM Best expects the sale to increase liquidity and available capital to deploy into Pacific Life’s core businesses. The transaction is expected to close in the fourth quarter of 2019.
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.
AM Best is a global rating agency and information provider with a unique focus on the insurance industry.