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A.M. Best has affirmed the financial strength and issuer credit ratings of Vermont-domiciled Park Assurance Company.
The “A (Excellent)” and “a” ratings reflect Park Assurance’s excellent risk adjusted capitalisation, operating performance, liquidity position, sophisticated risk management strategy and practices, conservative investment strategy, its management team and its role as a single parent captive of US bank J.P. Morgan.
A.M. Best believes that partially offsetting these positive rating factors are Park Assurance’s large gross underwriting risk appetite and the potential credit risk associated with its extensive use of reinsurance, which management utilises to mitigate these one-off risks.
Park Assurance provides J.P. Morgan with global property coverages, including terrorism workers’ compensation, auto liability and general liability.
According to A.M. Best, Park Assurance’s ratings and outlook are not likely to be upgraded within the next 12 to 24 months as its operating performance and capital position is not expected to change.
