OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) to Mainsail Insurance Company (Mainsail) (headquartered in Bedminster, NJ). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Mainsail’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
Mainsail is a newly formed, wholly owned subsidiary of Spinnaker Insurance Company (Spinnaker). The ultimate parent company is Hippo Holdings Inc., which acquired Spinnaker on Aug. 31, 2020. The ratings of Spinnaker are being extended to Mainsail, which plans to write admitted coverages sourced through program administrators and managing general agents. The ratings assigned to Mainsail reflect the existence of a 100% intercompany quota share reinsurance agreement with Spinnaker.
The FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) for the members of Spinnaker Insurance Group were most recently affirmed on Oct. 13, 2021 (see related press release).
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