A.M. Best Affirms Rating of Jupiter Insurance Limited.Affirms Issuer Credit Rating OLDWICK, NEW JERSEY Oldwick is an unincorporated area within Tewksbury Township in Hunterdon County, New Jersey, United States. The area is served as United States Postal Service ZIP Code 08858. As of the United States 2000 Census, the population for ZIP Code Tabulation Area 08858 was 177. -- A.M. Best Co. has affirmed the financial strength rating of A+ (Superior) and the issuer credit rating of "aa-" of Jupiter Insurance Limited (Jupiter) (Guernsey). The outlook for both ratings is stable. The ratings reflect the company's superior risk-adjusted capitalisation and excellent liquidity. Jupiter is the single parent captive of BP plc, which is an integrated oil and gas company. A.M. Best believes that Jupiter's operating performance is likely to remain strong in 2006, with pre tax profits of approximately GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 395 million (USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 680 million) as it recovers from a series of large losses that impacted the company during 2005, including the explosion in the BP Texas City refinery and hurricanes Katrina and Rita. Underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. performance is also expected to improve considerably to GBP 300 million (USD 515 million) in 2006, from an underwriting loss of GBP 440 million (USD 755 million) in 2005. A.M. Best believes that Jupiter's prospective risk-adjusted capitalisation is likely to remain superior over the next two years as its claims revert back to previous levels, improving its capital base. A.M. Best believes that Jupiter has excellent liquidity provided by the short-term maturity of its discount note within the group. In A.M. Best's opinion, despite the risk concentration within the group, this instrument provides Jupiter with a very good level of financial flexibility. For Best's Ratings Best's rating A rating A.M. Best Co. assigns to insurance companies based on the company's ability to meet its obligations to its policyholders. , an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industries, including the banking and insurance sectors. For more information, visit www.ambest.com. |
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