Best’s News & Research Service - October 01, 2021 08:38 AM (EDT)
AM Best Maintains Under Review With Negative Implications Status for Credit Ratings of Aegis Security Insurance Company
- October 01, 2021 08:38 AM (EDT)
Oldwick //BestWire// - AM Best has maintained the under review with negative implications status for the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Aegis Security Insurance Company (Aegis) (Harrisburg, PA).
Aegis is in the process of reorganizing the business through a number of transactions, which include: the acquisition of Aegis by LD Investments LLC funded partially via a bank loan; the assumption of a property book of business generated by the Arrowhead Agency and written by Universal North America Insurance Company; the acquisition by Aegis of an affiliated company, American Sentinel Insurance Company, allowing the holding company to reorganize its capital structure; and a potential capital management plan. The ratings will remain under review until AM Best can properly analyze the full impact of these transactions.
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 use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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 London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.