A.M. Best has affirmed the financial strength rating of “A+ (Superior)” and issuer credit rating of “aa-” to Noble Assurance Company, which is based in Burlington, Vermont.
The ratings and outlook reflect Noble’s demonstrated strong capital adequacy, stable earnings and consistent surplus growth as evidenced by continued surplus levels through 2013 and projections beyond.
The company benefits from intensive risk management processes as a captive insurance company for Royal Dutch Shell and its subsidiaries.
A.M. Best believes that Noble is managed by a strong captive manager and benefits from highly integrated management involvement within the Royal Dutch Shell risk management framework.
One hundred percent of the risk taken by Noble is ceded to Solen Versicherungen AG, a subsidiary of Royal Dutch Shell.
Solen is well capitalised and has demonstrated consistently growing metrics within the past few years. As such, A.M. Best has assessed the risk-adjusted capital strength on a combined Noble/Solen basis and found capital adequacy to be strong.
Positive underwriting returns and a conservative investment strategy have contributed to strong risk-adjusted capitalisation.
Noble could experience rating changes, both positive and negative, if there is a material change in its risk-adjusted capitalisation, and/or that of Solen or Royal Dutch Shell.
