Action follows announcement that Pacific LifeCorp has agreed to acquire Scottish Re
Fitch Ratings has revised the Rating Watch on Scottish Re Limited to positive from evolving.
The action follows the announcement yesterday that Pacific LifeCorp, the parent company of Pacific Life Insurance Company, has signed an agreement to acquire Scottish Re Limited and other assets that make up the International Life Reinsurance segment of Scottish Re Group Limited.
Fitch's resolution of the rating watch is expected to occur on or soon after closing of the transaction in the third quarter of 2008.
The rating of the new operation, to be called Pacific Life Re, will reflect inclusion as part of the Pacific Life Group of companies. The insurer financial strength rating (IFS) of Pacific Life Insurance Company is 'AA'.