A.M. Best has assigned a financial strength rating of A- (Excellent) and an issuer credit rating of “a-” to Spinnaker Insurance Company (Spinnaker), Chicago, Ill. The outlook assigned to both ratings is stable.
Spinnaker is a newly formed property/casualty insurance company specializing in sourcing small to medium sized market risks from managing general agent programs. The focus will be on U.S. catastrophe-exposed program business. Spinnaker will also provide service as a fronting insurer for short-tail business.
Information from Illinois Department of Insurance shows that Spinnaker is a subsidiary of Sojourner Holding Co. LLC, which, according to documents filed with the Securities Exchange Commission, is incorporated in Delaware and located in Chester, N.J.
David Ingrey, a former executive at Arch Re; Adam Tyburski, who previously was with QBE North America; and Jesse Willmott are named in the SEC filing as principals at Sojourner.
A.M. Best said the ratings reflect Spinnaker’s strong risk-adjusted capitalization, seasoned team of insurance professionals throughout management and the board of directors, strong underwriting controls and targeted business plan.
Partially offsetting these positive rating factors are its limited business profile as a startup operation and potential execution risk in implementing its business plan.
The ratings could be negatively impacted in the near term if Spinnaker’s underwriting performance or risk-adjusted capitalization deteriorates materially from planned results. Positive changes in the rating are not expected over the near to midterm, A.M. Best said.
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