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Energy : Oil, Gas & Consumable Fuels | Large Cap Blend
Company profile

ConocoPhillips is an exploration and production company. The Company operates through six segments: Alaska, Lower 48, Canada, Europe, Middle East and North Africa, Asia Pacific, and Other International. The Alaska segment primarily explores for, produces, transports and markets crude oil, natural gas and natural gas liquids (NGLs). The Lower 48 segment consists of operations located in the 48 contiguous United States and the Gulf of Mexico. Its Canada segments consist of the Surmont oil sands developments in Alberta and British Columbia. The Europe, Middle East and North Africa segment consists of operations principally located in the Norwegian sector of the North Sea; the Norwegian Sea; Qatar; Libya; and commercial and terminal operations in the United Kingdom. The Other International segment includes interests in Colombia, as well as contingencies associated with prior operations in other countries.

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AM Best Affirms Credit Ratings of Sooner Insurance Company

11:01 am ET January 17, 2023 (BusinessWire) Print

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a+" (Excellent) of Sooner Insurance Company (Sooner) (Colchester, VT). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Sooner's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).

Sooner's balance sheet strength is underpinned by its risk-adjusted capitalization at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR), generally favorable loss reserve development and low underwriting leverage. Sooner's most significant asset is a loan back to its ultimate parent, ConocoPhillips [NYSE: COP]. The loan provides Sooner's capital and is considered to have low risk due to the parent/subsidiary affiliation, as well as the parent's strong balance sheet and history of positive earnings.

Sooner has a long track record of strong operating performance, driven by solid underwriting profits, with most return metrics outperforming the industry composite. The company's loss experience has been largely favorable for more than a decade due in large part to ConocoPhillips's strong risk management programs. As a core component in ConocoPhillips' ERM program, the captive arrangement afforded the corporation flexibility to manage the largest loss efficiently and productively in its history from a claim late in 2021.

The company's business profile assessment reflects its position as the captive insurer for its ultimate parent. Sooner's underwriting risks mainly provide property damage and excess liability coverage to ConocoPhillips and its global subsidiaries and joint ventures.

Sooner's ERM has a culture of risk awareness and a framework to identify and manage various types of risks continually, including periodic reviews of its potential loss exposures through a specialist within industrial risks, a process AM Best views as very appropriate for the company's risk profile. The ratings also reflect the implicit support of ConocoPhillips and the critical role the captive plays in its ERM program.

AM Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated in the United States and throughout the world. For current Best's Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit

This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit

Copyright (C) 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Kourtnie Beckwith, CPCU, AU, AMIM 
Senior Financial Analyst 
+1 908 439 2200, ext. 5124

Christopher Sharkey 
Manager, Public Relations 
+1 908 439 2200, ext. 5159

Dan Teclaw 
+1 908 439 2200, ext. 5394

Al Slavin 
Senior Public Relations Specialist 
+1 908 439 2200, ext. 5098
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