28 April 2016Actuarial & underwriting

Am Best withdraws ratings of Toll Brothers captive

AM Best has affirmed the financial strength rating of B (Fair) and the issuer credit rating of "bb+" of Philmont Insurance Company, the Vermont-domiciled captive. The outlook for each rating is stable. Concurrently, AM Best has withdrawn the ratings in response to the company’s request to no longer participate in AM Best’s interactive rating process. The rating agency said that the affirmation considers the company's critical role and favourable profile as part of the Toll Brothers organisation, an American real estate company, as well as its strong operating performance during the past five years, providing insurance coverage to various projects and subsidiaries of Toll Brothers for certain liability risks.