AM Best revises outlook to positive for State Street captive Federated Underwriting Company

AM Best has revised the outlook for Federated Underwriting Company, State Street Corporation’s single-parent captive, from stable to positive, while affirming its “A-” (Excellent) Financial Strength Rating and Long-Term Issuer Credit Rating. This positive revision reflects AM Best’s expectation of continued solid operating performance and close alignment with its parent company. Federated was established in 2019 to manage specific risks for State Street, benefiting from a very strong balance sheet, adequate operating performance, and appropriate enterprise risk management.