The volatile operating performance of oil giant BP's Guernsey-based captive Jupiter Insurance failed to stop ratings agency Standard & Poor's affirming its AA+ insurer financial strength rating.
The outlook was stable, it said.
Jupiter had extremely strong capitalization and very strong investments, said S&P, that were partly offset by Jupiter's strong, if volatile, operating performance and limited business position.
The stable outlook on Jupiter reflected Standard & Poor's expectation that ratings on BP would remain a significant influence on Jupiter's ratings.
BP was expected to keep Jupiter capitalized at a minimum of four times the maximum sum insured and Jupiter was expected to remain profitable at the underwriting level, barring any catastrophic losses, and not to underwrite any third-party business.
