AM Best has withdrawn the ratings of captive insurers Cedar Court Indemnity Company and Bison Insurance Company following separate requests to no longer participate in the interactive rating process.
The Vermont-based Cedar Court is the captive insurer of technology and manufacturing organisation Honeywell International, and had recently had its Financial Strength of A- (Excellent) affirmed by AM Best.
AM Best said the ratings reflected Cedar Court's strong risk-adjusted capitalisation, conservative operating strategy and the critical role it plays as a parent captive insurer to Honeywell.
The South Carolina-based Bison is the captive insurer of Duke Energy Corporation, insuring select risks and providing a variety of coverage in property/casualty lines of business.
AM Best had recently affirmed Bison's financial strength rating of A (Excellent), reflecting the captive's historically excellent risk-adjusted capitalisation, consistent operating profitability driven by favorable underwriting results, conservative reserve levels and effective enterprise risk management controls
AM Best, Captives, Ratings, North America