A.M. Best has affirmed the financial strength rating of “A (Excellent)” and issuer credit rating of “a” of Park Assurance Company.
Park Assurance Company is a single parent captive of JP Morgan Chase & Co, based in Burlington, Vermont.
The ratings reflect Park’s “excellent” risk-adjusted capitalisation, operating performance, liquidity position, sophisticated risk management strategy and practices, and its conservative investment strategy.
“Partially offsetting these positive rating factors are Park’s large gross underwriting exposures as it offers very high insurance limits and insurance limits and insures some properties with substantial insured values. Park is very dependent on reinsurance in order to offer its various property programmes and high limits,” said A.M. Best.
Park provides JP Morgan with global property coverages, including coverages against terrorism losses, and effective as of 8 July 2011, deductible reimbursement policies covering workers compensation, auto liability and general liability.
