Insurers’ lawsuit over AM Best ratings delayed again amid settlement talks

July 23, 2024 by John Hilton

A New Jersey judge granted another extension Friday to give AM Best and two life insurers more time to finalize an agreement to end a lawsuit over negative ratings.

Atlantic Coast Life Insurance and Sentinel Security Life Insurance want to stop AM Best from downgrading their financial strength ratings, which would drop from B++ to B-, according to a May lawsuit filed in the District of New Jersey federal court.

In June, attorneys informed the court that they had reached a tentative settlement but needed to work out the details. Judge Zahid N. Quriashi granted a 30-day adjournment of a preliminary injunction hearing. 

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Originally Posted at InsuranceNewsNet on July 22, 2024 by John Hilton.