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FOR IMMEDIATE RELEASE
OLDWICK - AUGUST 18, 2022 03:52 PM (EDT)
AM Best has commented that 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), remain unchanged following the announcement that Société de Groupe d’Assurance Mutuelle Covéa (Covéa) and Porch Group, Inc. have executed a mutual termination of the acquisition agreement, which was entered into in September 2021 by both parties.
On Aug. 9, 2022, Porch Group, Inc. announced that it had executed a mutual termination agreement with Covéa to terminate the acquisition of CSE Group and simultaneously withdrew its application for approval to acquire CSE Group from the California Department of Insurance, which was assumed previously to close in the second or third quarter of 2022.
CSE Group’s Credit Ratings (ratings) will remain under review with developing implications until AM Best completes its analysis of perspective business plans and assesses the strategic plans of the existing parent following further discussions with company management.
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.