AM Best Maintains Under Review With Developing Implications Status for SILAC Insurance Company

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has maintained the under review with developing implications status for the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” (Fair) of SILAC Insurance Company (SILAC) (Salt Lake City, UT).

The Credit Ratings (ratings) reflect SILAC’s balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, neutral business profile and marginal enterprise risk management.

The ratings of SILAC have been placed under review with developing implications due to the prior announcement in which Hildene Capital Management, LLC (Hildene) (together with its affiliates), an $18+ billion credit-focused asset manager, signed a definitive agreement to acquire SILAC, Inc., the ultimate parent company of SILAC. The acquisition is anticipated to close over the next few months. Hildene has maintained a strategic minority investment in SILAC since 2022, as well as an existing reinsurance arrangement between SILAC and Hildene Re SPC, Ltd. (Cayman entity). Upon receiving required regulatory approval, Hildene will acquire all of the outstanding common equity of SILAC, Inc. for approximately $550 million in cash.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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