AM Best withdraws the financial strength rating of ‘A-’ (Excellent) and the long-term issuer credit rating of ‘a-’ (Excellent) of Saturn Insurance Inc, the Vermont captive insurer of energy group BP, following its dissolution. The outlook of the ratings was ‘stable’ at the time of withdrawal. The withdrawal follows a request from the company to no longer participate in AM Best’s interactive rating process, after its dissolution and the surrender of its insurance licence to the Vermont regulator. Saturn’s assets and liabilities have been transferred or novated as part of the dissolution process. AM Best’s procedure is to produce a final rating opinion alongside a rating withdrawal. The agency says no final opinion could be produced for Saturn because all of its insurance liabilities have been settled. The captive was based in Burlington.
