Oldwick
14 June 2017
Reporter: Becky Butcher
Honeywell captive withdraws from A.M. Best ratings
Cedar Court Indemnity Company, the parent captive insurer of Honeywell International, has requested to be withdrawn from A.M. Best’s ratings process.

Cedar Court’s financial strength rating of “A (Excellent)” and long-term issuer credit rating of “a-” was affirmed in early June, but after the Burlington-domiciled captive’s management requested to be dropped from the process, the ratings were withdrawn.

According to A.M. Best, the ratings reflect Cedar Court’s strong risk-adjusted capitalisation, conservative operating strategy and the critical role it plays as a parent captive insurer of Honeywell, which, as a diversified organisation, serves customers worldwide across the aerospace market, control technologies for buildings, turbochargers and performance materials.

Partially offsetting these positive rating factors are Cedar Court’s relatively large reserves and incurred but not reported reserves, as well as volatile underwriting performance in recent years.

Despite volatility, A.M. Best recognises the role Cedar Court plays, its mission, and the ability to accept risk and volatility in exchange for availability and pricing. Its captive orientation also considers the substantial financial resources of its parent, Honeywell.

More news
The latest news from Captive Insurance Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
AF Group snaps up Eric Halter
28 June 2017 | Lansing, Michigan | Reporter: Becky Butcher
Accident Fund Group has appointed Eric Halter as director of AF Specialty, a new brand focused on providing front capacity to insurance carriers, managing reinsurance intermediaries and captive managers
UK to implement ILS regime this autumn
27 June 2017 | London | Reporter: Becky Butcher
London’s insurance-linked securities regulation is now being finalised by the UK Government ready for implementation this autumn, according to a letter sent from HM Treasury to the London Market Group’s Nicolas Aubert
Arch Reinsurance Company recruits François Dagneau to lead in Canada
26 June 2017 | Toronto | Reporter: Mark Dugdale
Arch Reinsurance Company has hired Aon Benfield's François Dagneau as its new Canadian operations CEO
GEB appoints executive management trio
23 June 2017 | Brussels | Reporter: Becky Butcher
Generali Employee Benefits (GEB) has welcomed Eric Butler, Roland Raad and Thierry Mestach to its international management team
R&Q sells Lloyds managing agency to Coverys
23 June 2017 | London | Reporter: Becky Butcher
R&Q Investment Holdings has reached an agreement to sell the entire share capital of its Lloyd’s managing agency, R&Q managing agency, to Coverys, a provider of medical professional liability insurance based in Boston
Captives dominate the BVI insurance sector
23 June 2017 | Road Town, British Virgin Islands | Reporter: Becky Butcher
Captives in the British Virgin Island’s insurance sector continue to dominate the market, in terms of the number of firms, as well as revenues generated, according to a new BVI Global Contribution report
FCC Services captive reports ‘financially solid’ 2016 results
22 June 2017 | Colorado | Reporter: Becky Butcher
The Farm Credit System Captive Insurance Company, the captive insurer of FCC Services, has reported a net income of $10.3 million in 2016, an increase of 7.8 percent compared to the previous year