Best’s News & Research Service - March 30, 2022 04:25 PM (EDT)
AM Best Assigns Credit Ratings to Mainsail Insurance Company, a Subsidiary of Spinnaker Insurance Company
- March 30, 2022 04:25 PM (EDT)
Oldwick //BestWire// - AM Best has assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) to Mainsail Insurance Company (Mainsail) (headquartered in Bedminster, NJ). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Mainsail’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.
Mainsail is a newly formed, wholly owned subsidiary of Spinnaker Insurance Company (Spinnaker). The ultimate parent company is Hippo Holdings Inc., which acquired Spinnaker on Aug. 31, 2020. The ratings of Spinnaker are being extended to Mainsail, which plans to write admitted coverages sourced through program administrators and managing general agents. The ratings assigned to Mainsail reflect the existence of a 100% intercompany quota share reinsurance agreement with Spinnaker.
The FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) for the members of Spinnaker Insurance Group were most recently affirmed on Oct. 13, 2021 (see related press release).
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 use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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.