A.M. Best Co. has affirmed the financial strength rating of A+ and issuer credit ratings, or ICR, of "aa-" of the primary life/health subsidiaries of Protective Life Corp. (PL), led by Protective Life Insurance Co., or PLIC. Additionally, A.M. Best has affirmed the ICR of "a-" and debt ratings of Protective. A.M. Best also has affirmed the debt ratings of the outstanding notes issued for the various funding agreement-backed securities programs of PLIC.
Concurrently, A.M. Best has assigned debt ratings of "a-" to the newly issued 10, 15 and 30-year senior unsecured notes totaling $800 million of Protective. The outlook for all ratings is negative.
The proceeds from the $800 million aggregate senior notes offering will be utilized by Protective to purchase newly-issued surplus notes from its special purpose financial captive, Golden Gate Captive Insurance Co. Golden Gate will then use the surplus note proceeds to repurchase, at a discount, $800 million of surplus notes that it originally issued to third parties. Therefore, the transaction's only impact on the group's capital will be the gain recorded on the repurchase.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.