News by sections

News by region
Issue archives
Archive section
Emerging talent
Emerging talent profiles
Domicile guidebook
Guidebook online
Search site
Features
Interviews
Domicile profiles
Generic business image for news article Image: Shutterstock

08 June 2017
Burlington
Reporter Mark Dugdale

Share this article





Honeywell captive's ratings affirmed

A.M. Best has affirmed the financial strength and long-term issuer credit ratings of the Vermont-based captive insurer of Fortune 100 technology and manufacturing company Honeywell International.

The rating agency affirmed the financial strength and long-term issuer credit ratings of Cedar Court Indemnity Company at “A- (Excellent)” and “a-”, respectively.

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.

Subscribe advert
Advertisement
Get in touch
News
More sections
Black Knight Media