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08 September 2017
London
Reporter Katherine Brown

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Rembrandt Insurance captive rated 'excellent'

A.M Best has affirmed the financial strength rating of A (excellent) and the long-term issuer credit rating of “a” of Rembrandt insurance company, a holding firm of a group mainly focused in trading petroleum-related products and commodities.

Rembrandt is a captive insurer and reinsurer of Vitol Holding, a holding company of a group engaged principally in trading petroleum-related products.

The ratings reflect the captive’s financial performance, risk-adjusted capitalisation and its role as a risk management tool to the Vitol group.

According to A.M Best, the positive ratings are partially offset by the captive’s concentrated asset base and a loan facility, which is provided to the Vitol group by Rembrandt. This represents 59 percent of the total assets at the end of 2016 and 75 percent at the end of 2015.

The positive ratings are in line with the company’s consistent operating results, which are demonstrated by a five-year average return on capital of 14 percent between 2012 and 2016, and an average five-year combined ratio of 11 percent from 2012 to 2016.

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