AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of 'a-' (Excellent) of
The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Spinnaker's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
The ratings also reflect Spinnaker's strongest level of risk-adjusted capitalization, as measured by Best's Credit Adequacy Ratio (BCAR), favorable operating performance trend in recent years and experienced management team. The ratings further reflect the financial and operational benefits that Spinnaker has received from its ultimate parent company,
The stable outlooks reflect AM Best's expectation that Spinnaker's operating performance will remain profitable over the near term, and that its balance sheet strength will remain supportive of its current ratings level and planned premium growth.
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.
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