OLDWICK, N.J.--(BUSINESS WIRE)--
A.M. Best Co. has affirmed the financial strength rating of A++
(Superior) and issuer credit ratings of “aa+†of Ancon Insurance
and Petroleum Casualty Group (Ancon) and its member companies,
Ancon Insurance Company Inc. (Burlington, VT) and Petroleum
Casualty Company (Houston, TX). The outlook for both ratings is
stable.
The ratings reflect the group's superior capitalization, consistently
strong operating results and exemplary risk management strategies. The
ratings also consider the extensive experience and level of commitment
of Ancon’s parent, Exxon Mobil Corporation (NYSE: XOM), whose
management incorporates the group as a core element in its overall risk
management program. A.M. Best has taken a favorable view of Ancon’s
overall profile within the parent’s structure and recognizes the
benefits inured from this. Senior management of Exxon Mobil Corporation
is intimately involved in Ancon’s operations. Ancon is one of the
largest captives in the United States and benefits from its history of
more than 65 years operating as a captive insurer.
These positive rating factors are partially offset by the group's high
net per occurrence loss potential stemming from large loss events.
However, this is completely mitigated by the continued excellent loss
history, favorable geographic spread of risk and the parent's history of
supporting the group’s strong surplus position.
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A.M. Best remains the leading rating agency of captive insurers rating a
wide variety of more than 200 captives in the United States and
throughout the world.
For current Best’s Credit Ratings and independent data on the captive
and alternative insurance market, please visit www.ambest.com/captive.
The principal methodologies used in determining these ratings, including
any additional methodologies and factors that may have been considered,
can be found at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is a global full-service credit
rating organization dedicated to serving the financial and health care
service industries, including insurance companies, banks, hospitals and
health care system providers. For more information, visit www.ambest.com.
A.M. Best Co.
Analysts:
Thomas Herriger,
908-439-2200, ext. 5375
thomas.herriger@ambest.com
or
Steven
Chirico, 908-439-2200, ext. 5087
steven.chirico@ambest.com
or
Public
Relations:
Jim Peavy, 908-439-2200, ext. 5644
james.peavy@ambest.com
or
Rachelle
Morrow, 908-439-2200,ext. 5378
rachelle.morrow@ambest.com
Source: A.M. Best Co.
