Jan 8, 2013, 4:50pm

A.M. Best Co. has withdrawn the financial strength rating (FSR) of B+ (Good) and issuer credit rating (ICR) of “bbb-” of PEMCO Life Insurance Company (PLIC) (Seattle, WA) following its legal merger into its affiliate, Sagicor Life Insurance Company (Sagicor) (Austin, TX). This transaction closed on December 31, 2012, at which time all assets and liabilities of PLIC were merged into Sagicor. Sagicor has an FSR of A- (Excellent) and an ICR of “a-”.

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.

Founded in 1899, 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 © 2013 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.