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AM Best Assigns Credit Ratings to Cadence Indemnity Inc.

By: via Business Wire

AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb+” (Good) to Cadence Indemnity Inc. (Cadence) (Galveston, TX). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect Cadence’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

Cadence’s balance sheet strength assessment is supported by its risk-adjusted capitalization, which is at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The company’s balance sheet also benefits from having low underwriting leverage and a low dependence on reinsurance. Offsetting these positive factors on the balance sheet are the company’s high per-occurrence limit retentions on its marine builders’ risk coverage relative to its surplus size. Additionally, Cadence’s investment portfolio carries a high level of equity exposure relative to its surplus, which can expose its surplus during times of stock market volatility.

Cadence’s operating performance is assessed as adequate based on its limited two-year historical results and prospective operating profitability. In 2023 and 2024, which were Cadence’s first two full years in operation, investment related income was the primary source of pre-tax operating earnings, with the company reporting small underwriting losses in each of those respective years. In the future, management is estimating that investment income will be the main driver of earnings, with underwriting income expected to grow over time.

Operating as a single-parent captive, the company’s mission is to provide affordable coverage on a direct basis for a diversified portfolio of risks from several commonly owned operating companies, collectively known as The Sullivan Brothers Family of Companies (SFBC). In addition to its direct writings, Cadence also assumes clinic liability coverage from its fronting partner, Continental Casualty Company. Due to the national reach of SFBC, Cadence’s risks have some spread geographically; however, the company offers very limited lines of coverage, which contributes to its limited business profile.

Cadence benefits from an appropriate ERM program that is well-integrated with that of the parent organization. Serving as an extension of SFBC’s risk management framework, Cadence deploys effective loss control and risk management capabilities.

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 www.ambest.com/captive.

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.

Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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