September 28, 2026 Newswires

A-CAP Provides Update on South Carolina Regulatory Matters

Business Wire

Agreement Reached with South Carolina Department of Insurance to Mediate the Pending Matter

Atlantic Coast Life and Southern Atlantic Re Dismiss Lawsuit Against Director Wise Without Prejudice

NEW YORK--(BUSINESS WIRE)--
Advantage Capital Holdings, LLC (“A-CAP” or the “Company”) today announced that Atlantic Coast Life Insurance Company (“ACL”) and Southern Atlantic Re, Inc. (“SAR”) have reached an agreement with the South Carolina Department of Insurance (“SC DOI”) to proceed to mediation as the parties work toward resolving their disputes and addressing outstanding regulatory matters. As a result of the SC DOI’s agreement to mediate the matter, ACL and SAR have dismissed their lawsuit against Director Wise without prejudice.

The agreement comes as A-CAP continues to advance capital-raising and corporate restructuring initiatives involving its insurance businesses. A-CAP believes a mediated resolution would reduce regulatory uncertainty surrounding ACL and facilitate consideration and implementation of those initiatives.

The Company stated: “We believe the decision to pursue mediation is a constructive step toward resolving the issues with the SC DOI and reducing uncertainty around the company. We intend to work constructively through the mediation process toward a resolution of the outstanding regulatory matters.”

ACL and SAR continue to dispute the SC DOI’s petition for rehabilitation. The petition is not an adjudication that either company should be placed into rehabilitation, and no rehabilitation order has been entered. The companies continue to pay claims and service their obligations to policyholders.

The South Carolina regulatory action was among the factors cited by AM Best in its recent rating action with respect to Atlantic Coast Life and Sentinel Security Life Insurance Company.

A-CAP believes the agreement to pursue mediation, together with the capital raise and corporate restructuring initiatives currently underway, represents important context for assessing the companies’ financial position and outlook.

The Company continued: “We disagree with AM Best’s rating action and believe it does not fully reflect these ongoing developments, including initiatives that AM Best itself acknowledged in connection with its review. Atlantic Coast Life and Sentinel Security Life have served policyholders for more than a century and through numerous economic and market cycles. We remain focused on completing the initiatives now underway and supporting the companies as they continue to meet their obligations to policyholders throughout the United States.”

About A-CAP

A-CAP is a holding company with a diverse portfolio of insurance and financial businesses operating on an integrated platform. These businesses include primary insurance carriers, an SEC-registered investment adviser, reinsurance vehicles and marketing organizations. With broad expertise across the insurance and investment sectors, A-CAP provides services to policyholders, insurance-company clients and capital partners. Founded in 2013, A-CAP is privately held and maintains offices in New York, Charleston, Miami and Salt Lake City.