A.M. Best Assigns Ratings to Spinnaker Insurance Company
Spinnaker is a newly formed property/casualty insurance company specializing in sourcing small to medium sized market risks from managing general agent programs. The focus will be on U.S. catastrophe-exposed program business. Spinnaker will also provide service as a fronting insurer for short-tail business.
The ratings reflect Spinnaker’s strong risk-adjusted capitalization, seasoned team of insurance professionals throughout management and the board of directors, strong underwriting controls and targeted business plan. Partially offsetting these positive rating factors are its limited business profile as a startup operation and potential execution risk in implementing its business plan.
The ratings could be negatively impacted in the near term if Spinnaker’s underwriting performance or risk-adjusted capitalization deteriorates materially from planned results. Positive changes in the rating are not expected over the near to midterm.
This press release relates to rating(s) that have been published on
Copyright © 2015 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.
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Jacqalene Lentz, 908-439-2200, ext. 5762
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