12/06/2009
AM Best Co has affirmed the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of the captive reinsurer for The Dow Chemical Company, saying the outlook for both is stable.
The agency said the ratings for Michigan-domiciled Dorinco Reinsurance Company recognize its strong risk-adjusted capitalization, strategic relationship with the parent and balanced risk profile.
AM Best added that the risk profile of Dorinco remains diversified through the short-tail nature of its unrelated third party business and the longer-tail exposure associated with the Dow business.
Partially offsetting the positive rating factors are the challenges faced by its ultimate parent, which has recently completed a sizeable acquisition and has been progressing towards restructuring its credit profile.
If Dow’s credit profile weakens, said AM Best, it could put pressure on the ratings of Dorinco.
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WELCOME TO THE Captive Review Cell Company Handbook 2009 – the second edition of our global directory of cell company jurisdictions. Since we last published this directory, the general attitude toward cell companies seems to have shifted up a gear. Whereas single-parent companies have long ruled the captive roost, a slight uptick in the formation of pure captives at the beginning of this year can’t hide the fact that growth in this market is still sluggish.
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We at Captive Review are keeping a close eye on Malta, not only because of its reputation as a high-quality captive domicile, but also because it is on the forefront of Solvency II.
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