Pillar Life Insurance ratings remain under review as sale process extends
Pillar Life Insurance remains under review with developing implications as its sale takes longer than initially expected. The transaction is still anticipated to close before year end, while the company’s financial position has not materially changed.
Highlights
- Pillar Life Insurance Company's Financial Strength Rating of B+ and Long-Term Issuer Credit Rating of 'bbb-' remain under review with developing implications by AM Best.
- AM Best cites that the sale process for Pillar Life is taking longer than expected but anticipates closing the transaction before year-end.
- The ratings reflect strong balance sheet strength offset by marginal operating performance, limited business profile, and marginal enterprise risk management, pending review with new management.
Rating status and sale timeline
As reported by AM Best, the rating agency maintains the under review with developing implications status for Pillar Life Insurance Company’s Financial Strength Rating of B+ and Long-Term Issuer Credit Rating of “bbb-”. Pillar is based in Harrisburg, Pennsylvania.The review status continues because the sale of the insurer is taking longer to complete than first expected. AM Best says the transaction is anticipated to close before the end of the year.
What supports the ratings
The ratings reflect Pillar’s balance sheet strength, which AM Best assesses as strong, alongside marginal operating performance, a limited business profile and marginal enterprise risk management.AM Best says the ratings will remain under review with developing implications until its analytical team meets the new management group to discuss the company’s future direction.
In our earlier article, we covered AM Best’s decision to affirm Vantage Group’s credit ratings and maintain a positive outlook after the company announced senior leadership changes following Howard Hughes Holdings Inc.’s acquisition. We noted that while the governance transition is significant, AM Best said its view of the group’s balance sheet strength, operating performance, business profile and enterprise risk management remained unchanged, though the agency will continue monitoring the transition for potential rating action.
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