S&P Assigns 'AA-' Rating to Chevron Captive Insurance Company
S&P Global Ratings has assigned an 'AA-' long-term financial strength and issuer credit rating to Heddington Insurance Co. of Texas Inc., a captive insurance company owned by Chevron.
The ratings were given on September 9, 2026, and reflect the agency's view that Heddington is closely integrated with its parent company and plays an important role in group risk management.
As a core subsidiary within the Chevron group, S&P expects Chevron to provide financial support to Heddington if needed. The captive writes coverage for the Chevron group and operates within the same risk management and operational structures as its parent.
The stable outlook on Heddington's ratings mirrors that of Chevron as a consolidated group. A downgrade could occur in the next two years if S&P cuts its Chevron ratings or if it determines that Heddington is less important to group strategy, while an upgrade would depend on Chevron being upgraded itself.