Article ID: 776e5db2d3b0b419ef029938f6f0c531898f0bb74da83bed6122026d90792cef
Source ID: secondary:businessinsurance.com
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URL: https://www.businessinsurance.com/best-downgrades-captive-withdraws-rating/
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Best downgrades captive, withdraws rating - Business Insurance Skip to content Register for free Search Search Log In Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Best downgrades captive, withdraws rating by Claire Wilkinson Alternative Risk Transfer/Captives Mar 19, 2026 A.M Best said Wednesday it had downgraded the financial strength rating of Cadence Indemnity, a Texas-domiciled captive insurer, to B- from B++. Cadence’s public ratings have been withdrawn at the company’s request, a Best statement said. The Oldwick, New Jersey-based rating agency first rated the captive last year. Cadence is the single-parent captive insurer of Sullivan Brothers, a conglomerate with units operating in construction, energy and health care, that has operated since 2023. The ratings downgrades reflect Cadence’s weakening balance sheet strength, driven by a significant decline in risk-adjusted capitalization, Best said. “In the latter half of 2025, Cadence experienced premium growth that substantially deviated from the business plans originally shared with A.M. Best,” it said. Consequently, the captive’s underwriting risk “materially increased,” Best said. Sullivan Brothers did not immediately respond to a request for comment. The captive’s enterprise risk management has also been downgraded to marginal from appropriate. The ratings will remain under review with negative implications pending additional meetings with management, it said. Related News Texas appeals court upholds $4.5 million sawmill injury verdict March 19, 2026 Bill targets workplace monitoring, expands health, safety oversight March 19, 2026 Liberty Mutual names underwriting president of Global Risk Solutions March 19, 2026 BMG signals Anthropic copyright fight won’t fade away March 19, 2026 China fuel export ban to hit Asia supply March 19, 2026 HDI Global to expand cyber insurance offerings in Japan March 19, 2026 Lloyd’s to set up operations in Indian financial hub March 19, 2026 QBE takes full control of Indian joint venture March 19, 2026 Report: Prolonged Middle East conflict could raise underwriting volatility March 19, 2026 Facebook-f X-twitter Linkedin-in Business Insurance is a singular, authoritative news and information source for executives focused upon risk management, risk transfer and risk financing. Never miss important news: Become a Business Insurance Online subscriber today Subscribe Now Information About Us Contact Advertise Privacy Policy Terms & Conditions Copyright 2026. BUSINESS INSURANCE HOLDINGS Member, Beacon International Group, Ltd.
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