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TMCNet:  A.M. Best Maintains Under Review Status on the Ratings of Sterling Investors Life Insurance Company

[January 17, 2014]

A.M. Best Maintains Under Review Status on the Ratings of Sterling Investors Life Insurance Company

OLDWICK, N.J. --(Business Wire)--

A.M. Best Co. has maintained the under review with developing implications status on the financial strength rating of B (Fair) and issuer credit rating of "bb+" of Sterling Investors Life Insurance Company (Sterling) (Rome, GA). Sterling is a wholly owned subsidiary of Puritan Life Insurance Company of America (Phoenix, AZ), which is a wholly owned subsidiary of Puritan Life Insurance Company (Addison, TX). Puritan Life Insurance Company is ultimately owned by Puritan Financial Companies, Inc. (TX).

The ratings were initially placed under review on Dec. 11, 2012, upon completion of the sale of Sterling Holdings, Inc., the former parent of Sterling, to Puritan Life Insurance Company of America. A.M. Best was recently informed that Purita Life Insurance Company of America has entered into an agreement to sell Sterling to Cambrian Holding US, LLC, an affiliate of C12 Capital Management. The transaction is subject to approval by the Georgia Department of Insurance. Sterling's ratings will remain under review until A.M. Best meets with the company's new owners and management team.


The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best's rating process and contains the different rating criteria employed in the rating process. Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.

A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2014 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.


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