A.M. Best has affirmed the financial strength rating of “A (Excellent)” and the long-term issuer credit rating of “a” of Schlumberger Limited’s captive insurance companies.
The captives Castle Harbour Insurance Limited, Harrington Sound Insurance Limited and Colliers Bay Insurance Limited, are all domiciled in Bermuda.
The ratings reflect the captives’ “excellent” capitalisation and “conservative” operating strategy.
According to A.M. Best, partially offsetting these positive rating factors are the captives’ relatively large limits in its general liability and property lines of business.
However, the ratings agency recognises “the substantial financial resources of the captives and its parent”.
A.M. Best has also affirmed the financial strength rating of “A- (Excellent)” and the long-term issuer credit rating of “a-” of ICM Assurance Ltd, the single-parent captive of CNOOC International Limited.
The parent company uses ICM Assurance as a core element of its overall risk management safety and risk mitigation programmes.
A.M. Best’s ratings reflect the captive’s “strong” risk-adjusted capitalisation, “favourable” performance record as well as its risk management capabilities.