A.M. Best has affirmed the financial strength rating of “A (Excellent)” and the issuer credit ratings of “a” of NextEra Energy’s captive Palms Insurance Company, based in the Cayman Islands.
Palms Insurance Company is the wholly owned captive insurer of NextEra Energy Capital, a subsidiary of NextEra Energy, an American energy company.
The ratings reflect the captive’s strong integration within the risk management structure of its parent, NextEra Energy Capital, says A.M. Best.
The captive only accepts insurance risks from NextEra Energy and its affiliates, providing specialised direct and assumed property and casualty coverages, workers’ compensation, automobile liability, employers’ liability and property risk.
According to A.M. Best, Palms is well positioned at its current rating level and the ratings are not to be revised in the near term.
