Allstate Insurance Corp.’s plan to buy Esurance Insurance Group is being viewed positively by a key ratings analyst.
A.M. Best Co. placed the financial strength rating of A- (Excellent) and issuer credit ratings of “a-“of Esurance Insurance Group under review with positive implications after the acquisition announcement.
The review covers the Esurance group members Esurance Insurance Co., Esurance Insurance Co. of New Jersey and Esurance Property and Casualty Insurance Co. All companies are headquartered in San Francisco, Calif.
On May 18, White Mountains Insurance Group, Ltd., which owns Esurance, agreed to sell Esurance to Allstate Corp.
A.M. Best said its under review status with positive implications reflects the anticipated financial and operational support of Allstate. It also recognizes a potential for a favorable change in Esurance’s ratings and/or its rating outlook.
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