AM Best Assigns Issue Credit Rating to Spinnaker Insurance Company’s New Surplus Notes

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating of “bbb” (Good) to the $50 million, 9.5% surplus notes, due March 2040, issued by Spinnaker Insurance Company (Spinnaker) (Chicago, IL). The outlook assigned to this Credit Rating (rating) is stable. The notes are issued to unaffiliated external parties.

The proceeds from the issuance of these surplus notes are expected to be used to redeem existing affiliated surplus notes from Spinnaker’s parent, Hippo Holdings Inc., and to build capital and surplus to support future growth. Spinnaker’s financial leverage and interest coverage ratios will remain within AM Best’s guidelines for its current ratings.

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