A.M. Best: Credit Ratings of Indiana’s Yosemite Insurance Under Review
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 Co. (Yosemite) in Evansville, Indiana.
The Credit Rating (rating) actions follow the recent announcement by OneMain Holdings Inc. (OneMain) 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.
Yosemite currently licensed in 46 states, according to information posted on OneMain’s website. Yosemite principally writes or reinsures credit involuntary unemployment insurance (IUI) and lender-placed insurance.
The transaction is is pending regulatory approval and is expected to close in the third quarter of 2018.
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.
Source: A.M. Best