OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has placed under review with positive implications the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” (Excellent) of Permanent General Assurance Corporation, Permanent General Assurance Corporation of Ohio, and General Automobile Insurance Company. These companies collectively do business as The General (domiciled in Nashville, TN) and are subsidiaries of PGC Holdings Corp. (PGC), an affiliate of American Family Insurance Group (American Family).
This Credit Rating (action) follows the Sept. 12, 2024 announcement that American Family has signed a definitive agreement to sell PGC Holdings and its subsidiaries to Sentry Insurance Company (Sentry) for approximately $1.1 billion in cash and consideration. Including the value of assumed liabilities and required capital, the total transaction value will be $1.7 billion. The General has a strong reputation in direct-to-consumer non-standard auto (NSA) insurance while the Dairyland brand of Sentry serves NSA customers through its independent agent network. The transaction is expected to close by year-end, pending regulatory approval.
The under review with positive implications status reflects the understanding that Sentry will provide significant operational and financial support to The General.
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