AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Spinnaker Specialty Insurance Company (Spinnaker Specialty) (headquartered in Bedminster, NJ).
The outlook assigned to these Credit Ratings (ratings) is stable.
AM Best says the ratings reflect Spinnaker Specialty’s balance sheet strength, which it assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
Spinnaker Specialty is a newly formed, wholly owned subsidiary of Spinnaker Insurance Company (Spinnaker).
The ultimate parent company is Hippo Enterprises Inc., which acquired Spinnaker on Aug. 31, 2020.
Spinnaker Specialty plans to write excess and surplus lines coverages sourced through program administrators and managing general agents.
The ratings assigned to Spinnaker Specialty reflect the existence of a 100% intercompany quota share reinsurance agreement with Spinnaker.