AM Best affirms the Financial Strength Rating of "A" (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Rembrandt Insurance Company, Ltd. (Rembrandt), the Bermuda-based captive (re)insurer of energy trading group Vitol Holding B.V.. The outlook of these ratings remains "stable". The ratings reflect Rembrandt’s balance sheet strength, which AM Best assesses as "very strong". This is underpinned by risk-adjusted capitalisation at the "strongest" level, as measured by Best’s Capital Adequacy Ratio (BCAR). AM Best expects Rembrandt’s risk-adjusted capitalisation to remain comfortably at the strongest level, supported by excellent internal capital generation, low net underwriting leverage, and a robust outward reinsurance programme, placed with a reinsurance panel of sound credit quality. The rating agency notes that Rembrandt’s strong operating performance is demonstrated by its five-year (2020-2024) weighted average return on equity of 39.8%, primarily driven by excellent underwriting results. This is evidenced by a five-year weighted average combined ratio (as calculated by AM Best) of 15.3% over the same period. Results in 2025 have remained solid and in line with expectations. Rembrandt’s limited business profile reflects its strategic importance to Vitol. It is embedded within Vitol’s risk management framework; however, it covers only part of its parent’s insurance needs. The captive has a concentrated insurance portfolio focused on Vitol’s core operations, with approximately 90% of its premiums derived from marine cargo and liability risks. The ratings also incorporate the captive's appropriate enterprise risk management.
