Credit agency puts St. Pete insurer under review after announcing acquisition
November 14, 2020 - AM Best has placed the credit ratings of Vault Reciprocal Exchange under review, after the St. Petersburg-based insurer said it would be acquired by Cornell Capital and Hudson Structured Capital Management. AM Best said in a news release that it expects plans for reinsurance and capitalization to improve Vault’s quality of capital, financial leverage and capital flexibility, but it would keep the ratings under review until the deal closes in the first quarter of 2021 and the agency evaluates post-transaction details. AM Best currently rates Vault's financial strength as "A- (excellent)" and its long-term issuer credit rating it "a-." Vault provides coverage to the high-net worth homeowners market and writes business in Florida, South Carolina, New Jersey, Connecticut and Pennsylvania.