AM Best Withdraws Credit Ratings of Pacific Pioneer Insurance Company

Business Wire

OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has withdrawn the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-”of Pacific Pioneer Insurance Company (PPIC) (Cypress, CA), following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.

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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.