A.M. Best Affirms Ratings of Rembrandt Insurance Company, Ltd.

LONDON--(BUSINESS WIRE)-- A.M. Best has affirmed the financial strength rating of A (Excellent) and the issuer credit rating of “a” of Rembrandt Insurance Company, Ltd. (Rembrandt) (Bermuda). The outlook for both ratings remains stable.

Rembrandt is a captive of Vitol Holding B.V. (Vitol) (Netherlands), a holding company of a group engaged principally in the trading of petroleum-related products and commodities.

The ratings of Rembrandt reflect the company’s track record of very strong financial performance and excellent risk-adjusted capitalisation, as well as its importance to the Vitol group as a risk management tool.

Rembrandt consistently generates strong operating results, as demonstrated by an average five-year adjusted return on capital of 17%. Its strong financial performance is driven by excellent underwriting results, with an average five-year combined ratio of 17.5%, and is supported by stable, albeit modest, investment income.

The company’s risk-adjusted capitalisation remains excellent, underpinned by good internal capital generation and an outward reinsurance programme that is placed with a panel of financially strong reinsurers. A marginally offsetting factor is the loan facility provided by Rembrandt to the Vitol group, which represented 74% of total investments at year-end 2014. However, the investment risk associated with this loan is somewhat mitigated by the loan terms, which allow the loan to be redeemed following a short notice period.

A.M. Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated throughout the world. For current Best’s Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive.

In accordance with Regulation (EC) No. 1060/2009, the following is a link to required disclosures: A.M. Best Europe - Rating Services Limited Supplementary Disclosure.

This press release relates to rating(s) that have been published on A.M. Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please visit A.M. Best’s Ratings & Criteria Center.

A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2015 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

View source version on businesswire.com: http://www.businesswire.com/news/home/20151016005584/en/

A.M. Best Co.
Konstantin Langowski
Financial Analyst
+(44) 20 7397 0318
[email protected]
or
Mathilde Jakobsen
Associate Director, Analytics
+(44) 20 7397 0266
[email protected]
or
Christopher Sharkey
Manager, Public Relations
+(1) 908 439 2200, ext. 5159
[email protected]
or
Jim Peavy
Assistant Vice President, Public Relations
+(1) 908 439 2200, ext. 5644
[email protected]

Source: A.M. Best Co.

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