AM Best Places Credit Ratings of Protective Insurance Corp. & Subsidiaries Under Review with Positive Implications Following ...
February 16 2021 - 6:40PM
Business Wire
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” of Protective Insurance
Company and its wholly owned subsidiaries, Sagamore Insurance
Company and Protective Specialty Insurance Company, collectively
referred to as Protective Insurance Corporation Group. AM Best also
has placed under review with positive implications the Long-Term
ICR of “bbb” of Protective Insurance Corporation [NASDAQ: PTVCA,
PTVCB], the organization’s publicly traded ultimate parent. All
companies are domiciled in Carmel, IN.
This rating action follows Protective Insurance Corporation’s
announcement on Feb. 16, 2021 that the group has entered into a
definitive agreement to be acquired by The Progressive Corporation
for a total transaction value of approximately $338 million. This
acquisition includes all outstanding Class A and Class B common
shares of Protective is expected to close prior to the end of the
third quarter of 2021. The acquisition is subject to customary
closing conditions, including regulatory approvals and the approval
of Protective’s Class A shareholders.
As part of this transaction, Protective will become part of a
larger organization with a strong market reputation and expanded
geographic footprint. AM Best will monitor this transaction closely
and resolve the under review status after the close of the
transaction.
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 media use of Best’s
Credit Ratings and AM Best press releases, please view Guide for
Media - Proper Use of Best’s Credit Ratings and AM Best Rating
Action Press Releases.
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. For more information,
visit www.ambest.com.
Copyright © 2021 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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version on businesswire.com: https://www.businesswire.com/news/home/20210216006226/en/
Jieqiu Fan Senior Financial Analyst +1 908 439 2200, ext.
5372 jieqiu.fan@ambest.com
Susan Molineux Director +1 908 439 2200, ext. 5829
susan.molineux@ambest.com
Christopher Sharkey Manager, Public Relations +1 908 439
2200, ext. 5159 christopher.sharkey@ambest.com
Jim Peavy Director, Communications +1 908 439 2200, ext.
5644 james.peavy@ambest.com
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