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FOR IMMEDIATE RELEASE
OLDWICK - FEBRUARY 28, 2018 12:55 PM (EST)
A.M. Best has placed under review with negative implications the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of American Sentinel Insurance Company (American Sentinel) (Harrisburg, PA).
The rating actions follow the announcement by Aegis Security Insurance Company (Aegis) of its entry into a definitive agreement with LD Investments, LLC on Feb. 14, 2018, in which LD Investments, LLC will acquire American Sentinel, a wholly owned subsidiary of Aegis, in a cash transaction expected to close by the third quarter of 2018. The negative implications reflect the uncertainty of American Sentinel’s capital position or expected business operations under the new management. The ratings will remain under review until the transaction closes, and A.M. Best has been able to assess the full details of the transaction and its implications for American Sentinel.
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. 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 A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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