OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has withdrawn the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-”of Pacific Pioneer Insurance Company (PPIC) (Cypress, CA), following the July 7, 2020, acquisition of PPIC by 1251 Capital Group, Inc. from its former parent, Pacific Pioneer Insurance Group, Inc. PPIC’s Credit Ratings (ratings) had been placed under review with developing implications in the fourth quarter of 2019, as a result of the execution of a stock purchase agreement with 1251 Capital Group, Inc. No final rating action was taken due to PPIC effectively being sold as a shell.
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