OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has removed from under review with developing implications and affirmed the financial strength rating of B (Fair) and issuer credit rating of “bb+” of Sterling Investors Life Insurance Company (Sterling) (Rome, GA). The outlook assigned to both ratings is stable. Concurrently, A.M. Best has withdrawn the ratings due to management’s request to no longer participate in A.M. Best’s interactive rating process. Sterling is a wholly owned subsidiary of Puritan Life Insurance Company of America (PLICA) (Phoenix, AZ).
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 PLICA. The ratings remained under review when PLICA had entered into an agreement to sell Sterling to Cambrian Holding US, LLC, an affiliate of C12 Capital Management. A.M. Best was recently informed the transaction will not be completed.
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.
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