AM Best has taken action to place under review with positive implications the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a-” (Excellent) for ShelterPoint Insurance Company (SPI) in West Palm Beach, FL, and ShelterPoint Life Insurance Company (SPL) in Garden City, NY. These entities, collectively known as ShelterPoint Life, are currently under review following the recent announcement of an agreement for Protective Life Corporation, a subsidiary of Dai-ichi Life Holdings, Inc. [TSE: 8750], to acquire ShelterPoint Group, Inc., the parent company of ShelterPoint Life.
The under review with positive implications status reflects the anticipated advantages that ShelterPoint Life is expected to gain from becoming a part of Protective Life, along with the enhanced financial strength of the combined organization. The transaction is slated to finalize in late 2024. AM Best will maintain the under review status for the ratings until the acquisition concludes, and the agency completes its assessment of ShelterPoint Life’s rating fundamentals post-acquisition.
This press release pertains to Credit Ratings published on AM Best’s website. For comprehensive rating information, including pertinent disclosures and the responsible issuing office for each rating, please refer to AM Best’s Recent Rating Activity web page. For further details on the usage and constraints of Credit Rating opinions, consult the Guide to Best’s Credit Ratings. Information on the appropriate application of Best’s Credit Ratings, Performance Assessments, Preliminary Credit Assessments, and AM Best press releases is available in the Guide to Proper Use of Best’s Ratings & Assessments.
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