SCDOI Files Petition to Place ACL and SAR into Rehabilitation

Director Michael Wise of the South Carolina Department of Insurance filed a petition in mid September 2026 seeking to place insurers Atlantic Coast Life Insurance Company and Southern Atlantic Re Inc. into rehabilitation. Rehabilitation is a process through which financially-distressed insurers are placed into receivership with the intent of identifying the source of any issues and working to remedy them.

If the court grants the petition, the insurers will be placed under the Department’s control so that their finances can be thoroughly examined. Under the court’s oversight, the Department will attempt to identify and implement appropriate measures to restore the companies to sound financial footing.

Director Wise states: “Filing this petition was a necessary step to protect policyholders and the broader public. The Department has been closely monitoring a number of concerning signs about the companies’ finances. We look forward to working with the companies and the courts to determine how best to address these issues so that policyholders can get what they are entitled to as quickly as possible.”

Atlantic Coast Life Insurance Company and Southern Atlantic Re Inc. are indirectly owned by Advantage Capital Partners, LLC, a Miami-based private equity firm controlled by Kenneth King.

This matter has been filed in the Court of Common Pleas for the Fifth Judicial Circuit in Richland County, South Carolina. The court has not yet set a hearing date for the petition. The Department will continue to provide updates, which will be posted to this page, as the matter progresses.

For further information, and for a policyholder FAQ, please see the Department’s webpage dedicated to this matter at: https://restructuring.ra.kroll.com/AtlanticCoastLife/