A.M. Best Affirms Credit Ratings of Sooner Insurance Company
The rating affirmations reflect Sooner’s excellent risk-adjusted capitalization, historically favorable operating results driven by favorable underwriting results, conservative reserve levels and the position it holds as the captive insurer for its ultimate parent,
Partially offsetting these positive rating factors are Sooner’s significant reinsurance credit risk, stemming from the large limits offered on its policies and the possible change in the captive’s net retentions that could happen year over year, as well as the limited diversification of business written, which is expected with a single-parent captive.
Sooner provides property damage, business interruption and general liability insurance to
Sooner has a history of generally positive underwriting results and strong operating return measures. Over a 10-year period, the company’s loss experience has remained favorable, due in part to ConocoPhillips’ strong risk management programs.
ConocoPhillips’ corporate insurance and health, safety and environmental groups conduct periodic reviews of their potential loss exposures through a specialist in industrial risks. Sooner may have high net retentions based upon the capacity of the overall insurance market from year to year. Nonetheless, Sooner has the capital to retain these risks, if net retentions were to increase. Although the majority of Sooner’s capital is loaned to
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and
Copyright © 2017 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170920006270/en/
Senior Financial Analyst
[email protected]
or
Director
[email protected]
or
Manager, Public Relations
[email protected]
or
Director, Public Relations
[email protected]
Source:
SE2 Digital Direct Life, The First Digital SAAS for Life Insurers, Introduced at SE2’s 8th Annual Partnership Forum
Stockade FEMA mitigation funding on hold
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News