News by sections

News by region
Issue archives
Archive section
Emerging talent
Emerging talent profiles
Domicile guidebook
Guidebook online
Search site
Features
Interviews
Domicile profiles
Generic business image for news article Image: Shutterstock

19 September 2019
London
Reporter Becky Bellamy

Share this article





Vitol Holding’s captive ratings affirmed

A.M. Best has affirmed Rembrandt Insurance Company’s financial strength rating of A (Excellent) and the long-term issuer credit rating of “a”.

Rembrandt Insurance Company is a captive (re)insurer of Vitol Holding, a group engaged in trading of petroleum-related products.

The captive’s ratings reflect its balance sheet strength, which A.M. Best categorises as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.

A.M. Best said it expected Rembrandt’s risk-adjusted capitalisation to remain at the strongest level, supported by low net underwriting leverage, an outward reinsurance programme that is placed with a panel of financially strong reinsurers and excellent internal capital generation.

Partly offsetting factors in the balance sheet strength assessment include the captive’s moderate reliance on reinsurance and its concentrated asset base, with a loan provided by Rembrandt to Vitol that represents approximately one-half of the captive’s total assets.

A.M. Best suggested that Rembrandt’s strong operating performance is demonstrated by its five-year average return on capital of 12.9 percent between and is driven primarily by its good underwriting results, with a five-year average combined ratio of 23.7 percent.

Subscribe advert
Advertisement
Get in touch
News
More sections
Black Knight Media