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A.M. Best Affirms Ratings of Sooner Insurance Company CONTACTS:
FOR IMMEDIATE RELEASE OLDWICK, N.J., June 16, 2008—A.M. Best Co. has affirmed the financial strength rating (FSR) of A (Excellent) and issuer credit rating (ICR) of “a” of Sooner Insurance Company (Sooner) (Burlington, VT). The outlook for both ratings is stable. These 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 [NYSE:COP]. The ratings also consider the level of commitment on the part of its parent, whose management incorporates Sooner as a core element in its overall risk management program. Partially offsetting these positive rating factors are Sooner’s exposure to large losses due to the high limits offered on its policies and the resulting significant dependence on reinsurance protection. A.M. Best remains the leading rating agency of captive insurers rating a wide variety of more than 200 captives in the United States and throughout the world. For current Best’s Ratings and independent data on the captive and alternative insurance market, please visit www.ambest.com/captive. Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com. ### |
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