A walk in the ‘Park’ for Assurance
A.M. Best has awarded a financial strength rating of “A” (Excellent) and issuer credit rating of “a” to Park Assurance Company (Park), a single parent captive of JPMorgan Chase & Co.
The outlook for both ratings is stable.
Park’s ratings reflect the company’s excellent risk-adjusted capitalisation, operating performance, liquidity position and risk management strategy and practices.
Partially offsetting these positive ratings are Park’s “large gross underwriting exposures as it offers very high insurance limits and insures some properties with substantial insured values,” said a statement from the ratings firm.