A.M. Best has withdrawn Philmont Insurance Company’s ratings in response to the company’s request to no longer participate in the interactive rating process.
Philmont, which is the Vermont-based captive of real estate company Toll Brothers, received downgraded ratings of “B (Fair)” and “bb+” for financial strength and issuer credit last year.
The rating agency downgraded Philmont in 2015 after an increase in losses in 2014, which “resulted in a significant drop in risk-adjusted capitalisation”.
At the time, A.M. Best did back Philmont's management and corporate strategy, as well as its enterprise risk management practices, which were “strong given their impact on the conservative risk culture, defined risk controls and optimising [the captive’s] capital and surplus”.
