1 March 2017Analysis

Bermuda captive Split Rock receives ‘Excellent’ rating

Ratings agency AM Best has assigned Bermuda-based Split Rock Insurance a financial strength rating of A (Excellent).

As a wholly-owned subsidiary of OneBeacon, Split Rock was established in 2013 to reinsure its affiliate, Atlantic Specialty Insurance Company (ASIC), which is also a subsidiary of OneBeacon.

OneBeacon’s ultimate parent is White Mountains Insurance.

AM Best said that the ratings of ASIC have been extended to Split Rock due to the “implicit and explicit support it receives as a result of its affiliation with ASIC and OneBeacon.

As it is fully integrated into OneBeacon’s operations, Split Rock assumes 50 percent of ASIC’s business.

The captive also benefits from its supportive stand-alone risk-adjusted capitalisation and a track record of positive operating results since inception, said AM Best.

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