AM Best has affirmed the A (excellent) financial strength rating of Rembrandt Insurance Company, the Bermuda-based captive of oil company Vitol Holding BV.
The rating has a stable outlook, said AM Best.
It said the rating reflected Rembrandt’s superior risk-adjusted capital position and consistent operating profitability. It said the captive had reported operating profits in each of the past eleven years.
An offsetting factor in the rating is the company’s lack of business diversification, said AM Best.
It said the captive’s prime objective is to write group insurance for Vitol Holding and, as such, it has a limited spread of business classes and the number of contracts written is small.
Marine cargo and charterers liability accounted for 90% of gross written premium in 2003. AM Best said it believes there is unlikely to be any significant change in the company’s risk profile in the medium term.
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