Ratings Roundup: NY Marine (NYMAGIC); Sooner

A.M. Best Co. has affirmed the financial strength rating (FSR) of “A” (Excellent) and the issuer credit ratings (ICR) of “a” of New York Marine Group and its members, New York Marine And General Insurance Company and Gotham Insurance Company. Best also affirmed the FSR of “A-” (Excellent) and the ICR of “a-” of Southwest Marine And General Insurance Company of Phoenix, which was formed in 2006 to write excess and surplus lines for the group. Concurrently, Best affirmed the ICR of “bbb” and the debt rating of “bbb” of the $100 million, 6.5 percent, senior unsecured bonds due 2014 issued by NY Marine’s publicly-traded holding company, NYMAGIC, INC. The outlook for all ratings is stable. The ratings “reflect NY Marine’s solid capitalization, derived from historically conservative underwriting leverage, history of strong operating earnings and its proven ability to quickly adapt to changing market conditions,” said Best.

A.M. Best Co. has affirmed the financial strength rating of “A” (Excellent) and assigned an issuer credit rating of “a” to Sooner Insurance Company, based in Burlington, VT, with a stable outlook. The ratings are based on Sooner’s “excellent capitalization, history of profitable operating results and the position it holds as the captive insurer for its ultimate parent, ConocoPhillips,” said Best.