AM Greatest Affirms Credit score Scores of Spirit Insurance coverage Firm and Radius Insurance coverage Firm

OLDWICK, N.J., December 16, 2021–(BUSINESS WIRE)–AM Greatest has affirmed the Monetary Energy Score of A (Wonderful) and the Lengthy-Time period Issuer Credit score Scores of “a” (Wonderful) of Spirit Insurance coverage Firm (Spirit) (Colchester, VT) and Radius Insurance coverage Firm (Radius) (Cayman Islands). The outlook of those Credit score Scores (rankings) is steady.

The rankings replicate Spirit’s and Radius’ stability sheet power, which AM Greatest assesses as very sturdy, in addition to every firm’s satisfactory working efficiency, impartial enterprise profile and acceptable enterprise danger administration.

Spirit and Radius every have inherent advantages of monetary flexibility and help as captive insurers for his or her final dad or mum, Phillips 66 [NYSE: PSX], with built-in operations, intently aligned and uniform pursuits and institution as core components in its total danger administration program. The captives’ loss expertise has remained typically favorable due partially to an absence of fabric disaster losses, in addition to the dad or mum’s sturdy loss management program. Phillips 66 conducts periodic critiques of Spirit’s and Radius’ potential loss exposures via an industrial dangers specialist.

The captives’ underwriting dangers largely encompass onshore and restricted offshore property and legal responsibility enterprise. Spirit gives property injury, enterprise interruption, extra legal responsibility and worker medical reimbursement insurance coverage to Phillips 66, its associates and subsidiaries’ home U.S. operations solely; nevertheless, Spirit typically doesn’t present protection for Texas-based dangers. Radius gives comparable protection (i.e., property injury, enterprise interruption, extra legal responsibility), in addition to cargo insurance coverage to Phillips 66, its affiliate, and subsidiaries’ non-U.S. dangers during which Phillips 66 has possession pursuits.

Spirit and Radius have publicity to low frequency, excessive severity loss claims as a result of limits provided on their respective insurance policies, introducing potential important dependence on reinsurance safety. Spirit additionally gives terrorism protection to its dad or mum. This danger publicity is comparatively excessive on a gross foundation however is mitigated by reinsurance safety afforded by federal TRIPRA (Terrorism Threat Insurance coverage Program Reauthorization Act) protection, which expires in 2027.

AM Greatest stays the main ranking company of different danger switch entities, with greater than 200 such autos rated in america and all through the world. For present Greatest’s Credit score Scores and impartial information on the captive and different danger switch insurance coverage market, please go to www.ambest.com/captive.

This press launch pertains to Credit score Scores which have been revealed on AM Greatest’s web site. For all ranking data regarding the discharge and pertinent disclosures, together with particulars of the workplace chargeable for issuing every of the person rankings referenced on this launch, please see AM Greatest’s Current Score Exercise internet web page. For added data relating to the use and limitations of Credit score Score opinions, please view Information to Greatest’s Credit score Scores. For data on the right use of Greatest’s Credit score Scores, Greatest’s Preliminary Credit score Assessments and AM Greatest press releases, please view Information to Correct Use of Greatest’s Scores & Assessments.

AM Greatest is a world credit standing company, information writer and information analytics supplier specializing within the insurance coverage business. Headquartered in america, the corporate does enterprise in over 100 nations with regional workplaces in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico Metropolis.

For extra data, go to www.ambest.com.

Copyright © 2021 by A.M. Greatest Score Companies, Inc. and/or its associates. ALL RIGHTS RESERVED.

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Contacts

Kourtnie Beckwith
Monetary Analyst
+1 908 439 2200, ext. 5124
[email protected]

Christopher Sharkey
Supervisor, Public Relations
+1 908 439 2200, ext. 5159
[email protected]

Daniel Teclaw
Affiliate Director
+1 908 439 2200, ext. 5394
[email protected]

Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644
[email protected]

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