Sooner, the better
A.M. Best has affirmed the financial strength rating of “A (Excellent)” and the long-term issuer credit rating “a” of Sooner Insurance Company, located in Vermont.
The rating affirmations reflect Sooner Insurance’s “excellent” risk-adjusted capitalisation and “strong” profitability driven by “favourable underwriting results” and the position it holds as the captive insurer for its ultimate parent, ConocoPhillips.
According to A.M. Best, partially offsetting these positive rating factors are the insurance company’s limited diversification of business written, which is expected with a single-parent captive.
