A.M. Best has given the financial strength rating of “A” (Excellent) and an issuer credit rating of “a” to Rembrandt Insurance, a captive of global oil trading company, Vitol Holding BV.
The outlook for both ratings is stable.
The ratings reflect Rembrandt’s strong risk-adjusted capitalisation, financial performance and stable business profile. Partially offsetting the positive ratings is the firm’s high concentration in the marine cargo line of business.
“Negative rating actions could occur if a significant deterioration in Rembrandt’s risk-adjusted capitalisation would be linked to no evidence of support from the Vitol group to boost the latter. Additionally, any manifestation of poor underwriting results would lead to negative rating pressure,” said a statement from A.M Best.
The ratings firm added that upward rating movements are unlikely at present.