ConocoPhillips captive gets rating upgrade

The Vermont captive owned by ConocoPhillips has had its long-term issuer credit rating of ‘a’ upgraded to ‘a+’ by A.M. Best.

Sooner Insurance Company writes property damage, business interruption and general liability insurance for the multinational energy company and subsidiaries, including joint ventures worldwide.

“Sooner’s operating performance has been consistently strong over the past 10 years, driven by solid underwriting profits, with most return metrics outperforming the industry composite and modest investment returns,” A.M. Best stated.

“The company’s loss experience has remained favourable for over a decade. This is due in part to strong risk management programmes at ConocoPhillips, whose management views Sooner as a core element in its overall corporate risk management programme.”

The financial strength rating of ‘A’ (Excellent) has been affirmed. The outlook for all ratings is stable.