Energy giant, BP’s Vermont-based Saturn captive has had its A- rating affirmed by AM Best; in a move that reflects its strong capitalisation, “low risk retention and excellent group reinsurance support.”
AM Best said that the captive’s conservative investment approach and the strength of its parent’s commitment to the captive had both factored into the affirmation.
Saturn is expected to take on more lines of business in the coming year or two – namely casualty risk across the group and workers’ compensation business currently residing with BP America. Environmental liability is currently only partially retained by the captive.
Helping the position of Saturn has been the reinsurance support extended by sister captive, Jupiter Insurance, based in Guernsey. AM Best indicated that they anticipate new casualty and workers’ compensation lines to be 100 percent reinsured by Jupiter, currently rated A (Excellent) by AM Best.
BP, Vermont, Saturn, Jupiter, Guernsey, captive insurance