OLDWICK, N.J.–(BUSINESS WIRE)–#insurance—AM Best has placed under review with positive implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Obsidian Specialty Insurance Company (Delaware) and its pooling affiliates, Obsidian Insurance Company (Ohio) and Obsidian Pacific Insurance Company (Delaware). These companies collectively comprise Obsidian Insurance Group (Obsidian).
The under review with positive implications status reflects AM Best’s view that the announced acquisition of Obsidian by Protective Life Insurance Company, a principal subsidiary of Protective Life Corporation (Protective), a U.S. subsidiary of Dai-ichi Life Holdings, Inc. [TSE: 8750], could enhance Obsidian’s financial flexibility, operating scale and execution capabilities, if completed as contemplated and subject to regulatory approval. The action also considers Obsidian’s strategic importance to the prospective parent as a specialty property/casualty insurance platform for expansion into complementary markets and earnings diversification.
These Credit Rating (ratings) will remain under review with positive implications pending the close of the transaction and AM Best’s evaluation of parental support, integration plans and the expected impact on the organization’s balance sheet strength, operating performance, business profile and enterprise risk management. AM Best will continue discussions with management throughout this period.
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.
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