Best Affirms, Withdraws Chevron Captive’s Ratings

A.M. Best Co. has affirmed the financial strength rating of “A” (Excellent) and the issuer credit rating of “a+” of UK-based Heddington Insurance Limited (HUK), a captive company of Chevron Corporation. The outlook on both ratings remains stable.

“HUK benefits from substantial reinsurance support from its immediate parent, Heddington Insurance Ltd. (HIL), in the form of an 80 percent quota share of business written, reflecting HUK’s importance within the group,” said Best.

Subsequently, Best said it “has withdrawn the rating in response to the company’s request and has assigned it an NR-4 (Company Request).”