Press Release - MARCH 13, 2020

AM Best Comments on Credit Ratings of Southern Pioneer Property and Casualty Ins Co Following Acquisition by Biglari Holdings


CONTACTS:
 Steven DeLosa
Financial Analyst
+1 908 439 2200, ext. 5969
steven.delosa@ambest.com

Michelle Baurkot
Director
+1 908 439 2200, ext. 5314
michelle.baurkot@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

FOR IMMEDIATE RELEASE

OLDWICK - MARCH 13, 2020
AM Best has commented that the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb” of Southern Pioneer Property and Casualty Insurance Company (Southern Pioneer) (Jonesboro, AR) remain unchanged following its acquisition by Biglari Holdings Inc.

Biglari Holdings Inc. officially acquired Southern Pioneer, an insurer offering commercial property, homeowners, dwelling and other coverages with a presence throughout the southern United States, on March 9, 2020. Southern Pioneer will continue to operate under its existing structure as a subsidiary of Biglari Holdings Inc. with the management team and all legal entities intact. While Southern Pioneer may benefit over the long-term potentially from enhanced financial flexibility and investment portfolio management under its new parent, AM Best expects any near-term impact on the credit ratings to be modest.

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 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 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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.


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AMB# Company Name
054090 Biglari Holdings Inc.
011052 Southern Pioneer P & C Ins Co