AM Best has affirmed the financial strength rating of ‘A’ (Excellent) and the long-term issuer credit rating of ‘a’ (Excellent) of Rembrandt Insurance, a Bermuda-based captive (re)insurer of Vitol Holding.
The outlook of these credit ratings is ‘stable’.
The ratings reflect Rembrandt’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.
AM Best expects Rembrandt’s risk-adjusted capitalisation to remain comfortably at the strongest level, supported by low net underwriting leverage, an outward reinsurance programme that is placed with a panel of financially strong reinsurers and excellent internal capital generation.
According to the rating agency, the captive's business profile highlights its strategic role within Vitol’s risk management framework, though it only partially addresses its parent company's insurance needs, with around 90 per cent of its premiums concentrated in marine cargo and liability risks.
