AM Best Assign Ratings To Split Rock Insurance
A.M. Best has assigned a Financial Strength Rating of A [Excellent] and a Long-Term Issuer Credit Rating of “a” to Split Rock Insurance, Ltd. [Split Rock] [Bermuda]. The outlook assigned to these Credit Ratings [ratings] is stable.
A statement from the ratings agency said, “Split Rock is a wholly owned subsidiary of OneBeacon Insurance Group, Ltd. [OneBeacon] [OB]. Split Rock was established in 2013 to reinsure its affiliate, Atlantic Specialty Insurance Company [ASIC], also a subsidiary of OneBeacon. OneBeacon’s ultimate parent is White Mountains Insurance Group, Ltd. [WTM].
“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. Split Rock is fully integrated into OneBeacon’s operations.
“A material capital infusion to Split Rock from OneBeacon occurred in 2015, demonstrating OneBeacon’s support as Split Rock assumes, via a quota share, 50% of ASIC’s business.
“Split Rock also benefits from its supportive stand-alone risk-adjusted capitalization and a track record of positive operating results since inception.”
