AM Best Places Credit Ratings of Protective Insurance Corporation and Subsidiaries Under Review with Positive Implications Following Acquisition Announcement
OLDWICK, N.J.–(Organization WIRE)–AM Finest has placed underneath critique with good implications the Fiscal Strength Rating of A (Exceptional) and the Extensive-Term Issuer Credit rating Rating of “a” of Protective Insurance plan Business and its wholly owned subsidiaries, Sagamore Insurance coverage Business and Protecting Specialty Insurance policies Firm, collectively referred to as Protecting Insurance coverage Corporation Team. AM Ideal also has positioned under overview with favourable implications the Very long-Expression ICR of “bbb” of Protective Coverage Corporation [NASDAQ: PTVCA, PTVCB], the organization’s publicly traded top dad or mum. All businesses are domiciled in Carmel, IN.
This ranking action follows Protective Insurance plan Corporation’s announcement on Feb. 16, 2021 that the team has entered into a definitive arrangement to be acquired by The Progressive Corporation for a total transaction worth of somewhere around $338 million. This acquisition features all superb Class A and Course B popular shares of Protecting is predicted to near prior to the conclusion of the 3rd quarter of 2021. The acquisition is subject matter to customary closing disorders, together with regulatory approvals and the acceptance of Protective’s Course A shareholders.
As section of this transaction, Protecting will become section of a much larger corporation with a sturdy market place popularity and expanded geographic footprint. AM Greatest will observe this transaction intently and resolve the beneath overview standing after the near of the transaction.
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