AM Best has affirmed the financial strength rating of A (excellent) and the long-term issuer credit ratings of “a+” (excellent) of Vermont-domiciled Queen City Assurance and Vine Court Assurance. The outlook for the ratings is stable.
The ratings reflect the group’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).
Both single parent captives are owned by US-based The Kroger Co., one of the largest companies in the food retail industry, and provide tailored cover for property and casualty risks to the company.
The ratings consider the financial flexibility afforded to the group from its publicly traded parent.
AM Best recognises the group of companies as an integral part in the parent’s overall ERM framework, with the substantial financial resources and support available to them.
The ratings also reflect the group’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).
The stable outlooks reflect AM Best’s expectations that the captives’ operating performance will remain stable and strong, while the earnings profile continues to support the group’s growth and business writing consistent with its capital and surplus position.
AM Best also expects the parent’s willingness to support the captives will not change.