A.M. Best has affirmed the financial strength rating of ‘A (Excellent)’ and issuer credit ratings of “a” of Castle Harbour Insurance, Harrington Sound Insurance and Colliers Bay Insurance. The outlook for all ratings is stable.
Castle Harbour Insurance and Harrington Sound Insurance are both domiciled in Bermuda and Colliers Bay Insurance is domiciled in the Cayman Islands.
According A.M. Best, the ratings and outlook reflect the captives’ excellent capitalisation and conservative operating system. The ratings also consider the captives’ critical role and profile as part of the parent company, Schlumberger Limited, including their excellent operating performance over the last fiver years.
Partially offsetting these factors are the captives’ relatively large limits in its general liability and property lines of business. A.M. Best recognises the substantial financial resources of the captives and its parent.
A.M. Best expects the captives’ future operating performance to be stable
but strong, and the stable earnings profile is expected to further support the
companies to control growth and business writings, which are consistent
with the captives’ capital and surplus position.
The outlook could be increased if operating performance improves and risk-adjusted capital remains supportive of the ratings.
