AM Best Maintains Under Review Status for Credit Ratings of Civil Service Employees Insurance Co and CSE Safeguard Insurance Co
- July 14, 2022 09:14 AM (EDT)
Oldwick //BestWire// - AM Best has maintained the under review with developing implications status for the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Ratings of “bbb-” (Good) of Civil Service Employees Insurance Company and CSE Safeguard Insurance Company, which together comprise CSE Insurance Group (CSE Group) (domiciled in Walnut Creek, CA).
CSE Group’s Credit Ratings (ratings) were placed under review with developing implications on Sept. 16, 2021, following the announcement that Société de Groupe d’Assurance Mutuelle Covéa (Covéa) entered into a definitive agreement to sell CSE Group to Porch Group, Inc., a Seattle-based publicly traded, vertical software and insurtech company. Although the sale was expected to close in the second quarter of 2022, this transaction is still pending regulatory approval. The ratings will remain under review until all approvals are finalized, the transaction closes and AM Best evaluates the overall impact.
The developing implications status reflects AM Best’s need to further assess the strategic plans of the new parent following further discussions with the company. The AM Best analytical team will continue to monitor the course of this transaction, as well as CSE Group’s rating fundamentals, until the transaction closes, and will provide updates if conditions warrant.
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 Performance Assessments, 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.