Solen Versicherungen AG (SVAG) and Noble Assurance Company, captives of Royal Dutch Shell, has been assigned the financial strength rating of “A+(Superior)” and an issuer credit rating of “aa-”.
SVAG’s ratings reflect its affiliation with parent Royal Dutch Shell to which it remains important as a risk management tool. In addition, the ratings reflect SVAG’s excellent earning track record and strong risk-adjusted capitalisation, according to A.M. Best.
SVAG’s risk-adjusted capitalisation is expected to remain strong, supported by internal capital generation.
According to A.M. Best, the captive has an excellent performance track record, largely driven by robust underwriting results, as demonstrated by five-year average combined ratio of 46 percent.
A.M. Best noted that the captive does not purchase outward reinsurance cover for the majority of its risks.
SVAG has a fully owned Bermudian subsidiary, Solen Insurance Limited, which writes internal reinsurance.
A.M. Best suggests that the ratings of Noble reflect the strong reinsurance support received from SVAG. Noble is the US-based captive and cedes 100 percent of its risks to SVAG through a quota share agreement.
