|[January 17, 2014]
A.M. Best Maintains Under Review Status on the Ratings of Sterling Investors Life Insurance Company
OLDWICK, N.J. --(Business Wire)--
A.M. Best Co. has maintained the under review with developing
implications status on the financial strength rating of B (Fair) and
issuer credit rating of "bb+" of Sterling Investors Life Insurance
Company (Sterling) (Rome, GA). Sterling is a wholly owned subsidiary
of Puritan Life Insurance Company of America (Phoenix, AZ), which
is a wholly owned subsidiary of Puritan Life Insurance Company
(Addison, TX). Puritan Life Insurance Company is ultimately owned by Puritan
Financial Companies, Inc. (TX).
The ratings were initially placed under review on Dec. 11, 2012, upon
completion of the sale of Sterling Holdings, Inc., the former parent of
Sterling, to Puritan Life Insurance Company of America. A.M. Best was
recently informed that Purita Life Insurance Company of America has
entered into an agreement to sell Sterling to Cambrian Holding US, LLC,
an affiliate of C12 Capital Management. The transaction is subject to
approval by the Georgia Department of Insurance. Sterling's ratings will
remain under review until A.M. Best meets with the company's new owners
and management team.
The methodology used in determining these ratings is Best's Credit
Rating Methodology, which provides a comprehensive explanation of A.M.
Best's rating process and contains the different rating criteria
employed in the rating process. Best's Credit Rating Methodology can be
found at www.ambest.com/ratings/methodology.
A.M. Best Company is the world's oldest and most authoritative
insurance rating and information source. For more information, visit www.ambest.com.
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