AM Best Withdraws Credit Rating of Mainsail Insurance Company

OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has withdrawn the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Mainsail Insurance Company (Mainsail), a 100% reinsured subsidiary of Spinnaker Insurance Company (Spinnaker). At the time of the withdrawal, the outlook of these Credit Ratings (ratings) was stable. Both companies are headquartered in Bedminster, NJ.

The withdrawal of the ratings previously assigned to Mainsail Insurance Company reflects the close of the transaction in which Spinnaker sold Mainsail to an unrelated third party.

AM Best’s procedure is for a final rating opinion to be produced in conjunction with a rating withdrawal. However, a final rating opinion could not be produced for Mainsail due to the lack of sufficient forward-looking financial information needed to complete the rating.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240805641914/en/

Gordon McLean
Senior Financial Analyst
+1 908 882 2109
[email protected]

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
[email protected]

Greg Williams
Senior Director
+1 908 882 2434
[email protected]

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
[email protected]

Source: AM Best

You May Also Be Interested In

• ComEd Continues Power Restoration Following Two Powerful Storms
• New Book Challenges Conventional Thinking About Dementia Care and Offers a New Vision for Creating More Good Days
• Binance Coin Price Holds Below $600 But the Wallets Inside Pepeto Already Know What Comes Next