Chevron captive has AM Best rating pulled

AM Best has affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of “a-” (Excellent) of Bermuda-based Jamestown Insurance Company. The outlook of these ratings is stable. Concurrently, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best’s interactive rating process.

The ratings reflect Jamestown’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

As a single-parent captive, the company’s mission is to provide (re)insurance coverage for specific risks including property, control of well, redrill, pollution, and liability on behalf of Hess Corporation and its new ultimate parent, Chevron Corporation. The captive enhances underwriting flexibility for Chevron Corporation by offering direct access to the reinsurance market and supporting more stable, predictable pricing.

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