CHARLESTON, S.C., Oct 29 –Palmetto Heritage Holdings, LLC, Atlantic Coast Life Insurance Company, and Southern Atlantic Re, Inc. are pleased to announce ongoing discussions regarding a potential acquisition of Atlantic Coast Life and Southern Atlantic by a South Carolina-based investor group organized by Palmetto Heritage.
The parties believe the proposed transaction presents a promising opportunity to enhance the Companies’ long-term financial position while continuing to secure the interests of policyholders. Palmetto Heritage looks forward to working collaboratively with the South Carolina Department of Insurance to explore this opportunity.