A.M. Best Places Credit Ratings of Yosemite Insurance Company Under Review With Developing Implications
OLDWICK, N.J.--(BUSINESS WIRE)--Aug 7, 2018--A.M. Best has placed under review with developing implications the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” of Yosemite Insurance Company (Yosemite) (Evansville, IN).
The Credit Rating (rating) actions follow the recent announcement by OneMain Holdings, Inc. (OneMain) (NYSE:OMF) of its entry into a definitive share purchase agreement with a third party to sell all of the shares of Yosemite, a wholly owned subsidiary of OneMain. The transaction is expected to close in the third quarter of 2018. The transaction is pending regulatory approval.
The developing implications reflect the uncertainty of Yosemite’s capital position or expected business operations under the new management. The ratings will remain under review until the transaction closes, and A.M. Best has been able to assess the full details of the transaction.
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s web page. For additional information regarding the use and limitations of Credit Rating opinions, please view . For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view .
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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CONTACT: A.M. Best
Janet Hernandez, +1 908 439 2200, ext. 5767
Senior Financial Analyst
Joseph Burtone, +1 908 439 2200, ext. 5125
Christopher Sharkey, +1 908 439 2200, ext. 5159
Manager, Public Relations
Jim Peavy, +1 908 439 2200, ext. 5644
Director, Public Relations
KEYWORD: UNITED STATES EUROPE NORTH AMERICA INDIANA NEW JERSEY
INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE
SOURCE: A.M. Best
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PUB: 08/07/2018 03:26 PM/DISC: 08/07/2018 03:26 PM