A.M. Best has affirmed the financial strength rating of A (Excellent) and the long-term issuer credit ratings of “a+” of Queen City Assurance (Queen City) and Vine Court Assurance Incorporated (Vine Court), both are domiciled in Burlington, Vermont.
The outlook of these Credit Ratings (ratings) is stable.
A.M. Best said the ratings reflect the group’s balance sheet strength which is categorised as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
The rating company explained that these ratings are based on Queen City’s and Vine Court’s individual and combined profiles as single-parent captives of The Kroger (Kroger) Company, a large food retailer, which conducts business throughout the US.
Additionally, the ratings reflect the captives’ individual and combined excellent risk-adjusted capitalisation and above-average underwriting and operating profitability, which they believe continues to foster healthy capital growth.
A.M. best added that conservative investments and strong adherence to the parent’s robust risk controls and overall risk culture also lends to maintaining its strongest balance sheet assessment.
It also added that it recognises the critical role and mission of the captives and the substantial financial resources and support available to them as single-parent captives of Kroger.
