AM Best Assigns Issue Credit Rating to Spinnaker Insurance Company’s New Surplus Notes

OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has assigned a Long-Term Issue Credit Rating of “bbb” (Good) to the $50 million, 9.5% surplus notes, due March 2040, issued by Spinnaker Insurance Company (Spinnaker) (Chicago, IL). The outlook assigned to this Credit Rating (rating) is stable. The notes are issued to unaffiliated external parties.

The proceeds from the issuance of these surplus notes are expected to be used to redeem existing affiliated surplus notes from Spinnaker’s parent, Hippo Holdings Inc., and to build capital and surplus to support future growth. Spinnaker’s financial leverage and interest coverage ratios will remain within AM Best’s guidelines for its current ratings.

This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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Yizhou Hong
Senior Financial Analyst

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Jacqalene Lentz

Senior Director

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Christopher Sharkey
Associate Director, Public Relations

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Al Slavin
Senior Public Relations Specialist

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Source: AM Best