OLDWICK, N.J.--(BUSINESS WIRE)--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.
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