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FOR IMMEDIATE RELEASE
OLDWICK - AUGUST 07, 2018 03:08 PM (EDT)
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.
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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