AM Best affirms rating of BP’s captive Jupiter

AM Best has affirmed the financial strength rating of A (Excellent) of Jupiter Insurance, a Guernsey-domiciled captive insurer of global energy company BP. Its outlook is stable.

The ratings reflect Jupiter’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. In addition, the ratings factor in a neutral impact from the company’s ultimate parent, bp.

Jupiter’s underwriting risks consist mainly of onshore and offshore property damage and business interruption covers.

AM Best reported that following a decade of declining premium levels owing to soft rate environment and divestments by bp, Jupiter’s premium income saw a return to growth in 2023 and 2024 supported by new insurable risks being placed with the captive. 

Moderate premium growth is expected to continue over the medium-term, supported by bp group’s planned asset investments.

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