A.M. Best has affirmed the financial strength rating of “A (Excellent)” and issuer credit rating of “a” of Spirit Insurance Company, based in Vermont.
The ratings of Spirit are based on its excellent capitalisation, a history of profitable business written from a predecessor captive, as well as the position it holds as the captive insurer for its ultimate parent, Phillips 66.
Spirit’s ratings also consider the level of commitment on behalf of Phillips 66, whose management incorporates Spirit as a core element in its overall risk management programme.
In a recent statement, A.M. Best said: “Partially offsetting these positive rating factors are Spirit’s exposure to large losses due to the limits offered on its policies as well as its significant dependence on reinsurance protection.”
