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FOR IMMEDIATE RELEASE
OLDWICK - MARCH 13, 2020 03:02 PM (EDT)
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.
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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.