AM Best has affirmed the financial strength rating of “A” (Excellent) and the long-term issuer credit ratings of “a” (Excellent) of Spirit and Radius insurance companies.
Spirit and Radius are captive insurers for their ultimate parent, Phillip’s 66.
The outlook of these credit ratings is stable.
The ratings reflect Spirit and Radius’ balance sheet strength, which AM Best assesses as "very strong”. In addition to each company’s adequate operating performance, neutral business profile and appropriate enterprise risk management.
AM Best says both companies have the ‘inherent benefits of financial flexibility and support as captive insurers for their parent, with integrated operations, closely aligned and uniform interests', and are established core elements in its overall risk management programme.
