A.M. Best has affirmed the financial strength rating of A (Excellent) and issuer credit rating of "a+" of Iron Horse Insurance Company. Iron Horse is a direct captive subsidiary of Chevron Corporation.
These positive rating factors are partially offset by Iron Horse's high net loss exposures, as the coverages provided tend to result in claims that are characterized as low frequency but high severity.
In its role as a captive insurer, Iron Horse, along with Heddington Insurance Limited, currently provides insurance products for Chevron and its subsidiaries. The insurance needs of Chevron are supplied through these captive operations, where appropriate, and the commercial market.
Iron Horse and the other Chevron captives provide comprehensive coverage above Chevron's internal retentions.