Guernsey’s Jupiter nips ahead
The S&P rating of Guernsey-based Jupiter Insurance has been upgraded from stable to positive, based on its affiliation with parent BP.
Jupiter, “qualifies as a captive insurer under Standard & Poor's methodology and as such is rated at a level commensurate with its parent, BP,” said S&P.
“We are therefore revising our outlook on Jupiter to positive from stable and affirming our 'A' long-term ratings on Jupiter following the same rating actions on BP.”
Jupiter Insurance is BP’s wholly owned subsidiary, and is 95 percent fronted through AIRCO, a unit of American International Group. According to A.M. Best, Jupiter made a profit of $740 million in 2009 and profits are expected to approach $1 billion in 2010.