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FOR IMMEDIATE RELEASE
OLDWICK - JUNE 04, 2020 08:16 AM (EDT)
AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Spinnaker Insurance Company (Spinnaker) (Chicago, IL).
These Credit Rating (rating) actions follow the announcement that Hippo Enterprises, Inc. has entered into a definitive agreement to acquire Spinnaker. The transaction is expected to close in the third quarter of 2020, subject to customary closing conditions, including regulatory approvals.
The under review with developing implications status reflects the need for AM Best to fully assess the financial and operational impacts of the acquisition, including potential benefits that Spinnaker may receive as part of a larger organization. AM Best will continue to hold discussions with Spinnaker’s management and monitor its balance sheet strength, operating performance, business profile and enterprise risk management. The ratings will remain under review until the close of the transaction and a review by AM Best of the post-transaction details.
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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.