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AM Best Withdraws Credit Ratings of American Sentinel Insurance Company.

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ENPNewswire-September 17, 2021--AM Best Withdraws Credit Ratings of American Sentinel Insurance Company

(C)2021 ENPublishing - http://www.enpublishing.co.uk

Release date- 16092021 - AM Best has withdrawn the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of 'bbb-' (Good) of American Sentinel Insurance Company (American Sentinel) (Harrisburg, PA).

These Credit Ratings (ratings) were under review with developing implications pending the sale of American Sentinel.

The sale of American Sentinel to Pie Carrier Holdings was withdrawn. All the business in American Sentinel has been moved over into an affiliate, Aegis Security Insurance Company (Aegis). The new and renewal book of business for American Sentinel has been rolled over to Aegis, effective Jan. 1, 2021. Additionally, the company has received regulatory approval to enter into a Loss Portfolio Transfer and Quota Share Agreement between American Sentinel and Aegis, and management moved all of the reserves to Aegis. At the current time, American Sentinel is a shell company with no premium or reserves.

AM Best's policy is for a final rating to be completed along with a rating withdrawal. However, a final rating could not be completed due to the lack of business and forward-looking financial information necessary to support the formation of a current rating opinion.

This press release relates to Credit...

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