AM Best Assigns Credit Ratings to Spinnaker Specialty Insurance Company
- July 08, 2021 09:54 AM (EDT)
Oldwick //BestWire// - AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Spinnaker Specialty Insurance Company (Spinnaker Specialty) (headquartered in Bedminster, NJ). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Spinnaker Specialty’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
Spinnaker Specialty is a newly formed, wholly owned subsidiary of Spinnaker Insurance Company (Spinnaker). The ultimate parent company is Hippo Enterprises Inc., which acquired Spinnaker on Aug. 31, 2020. Spinnaker Specialty plans to write excess and surplus lines coverages sourced through program administrators and managing general agents. The ratings assigned to Spinnaker Specialty reflect the existence of a 100% intercompany quota share reinsurance agreement with Spinnaker.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.