AM Best has affirmed the Financial Strength Rating of A (Excellent) and Long-Term Issuer Credit Rating of "a" (Excellent) of Jupiter Insurance Limited (Jupiter) (Guernsey), a captive insurer of BP p.l.c. (bp) (NYSE:BP), an integrated global energy company. The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Jupiter’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. In addition, the ratings factor in a neutral impact from the company’s ultimate parent, bp.

Jupiter’s balance sheet strength is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). AM Best expects Jupiter’s BCAR scores to remain comfortably at the strongest level prospectively, reflecting the company’s strategy to maintain sufficient capital buffers to absorb potential volatility stemming from the company’s exposure to high-severity, low-frequency losses. In line with bp’s current strategy to retain risks where possible, Jupiter does not purchase any outward reinsurance cover. A partially offsetting factor to the balance sheet strength assessment is the captive’s concentrated investment portfolio, of which 99% is accounted for by short-term intragroup deposits.

Jupiter has a track record of reporting positive operating results, demonstrated by a five-year (2021-2025) weighted average return-on-equity of 9.4%. Earnings are supported by robust underwriting profits, as evidenced by a weighted average combined ratio of 28.6%, and are supplemented by solid investment income. Prospective operating performance is subject to volatility, driven by the large line sizes offered by the captive, relative to its premium income.

Jupiter’s neutral business profile reflects its position within bp’s risk management framework as its principal captive insurer. The company’s underwriting risks consist mainly of onshore and offshore property damage and business interruption cover, on bp assets globally.

AM Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated 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.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising 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 www.ambest.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260916139644/en/

Patrick McCrystal, FIA

Financial Analyst

+44 20 3808 2988

patrick.mccrystal@ambest.com

Kanika Thukral

Associate Director, Analytics

+44 20 7397 0327

kanika.thukral@ambest.com

Christopher Sharkey

Associate Director, Public Relations

+1 908 882 2310

christopher.sharkey@ambest.com

Al Slavin

Senior Public Relations Specialist

+1 908 882 2318

al.slavin@ambest.com