AM Best has affirmed the monetary power rating of A (Excellent) and the long-term issuer credit ratings of “a+” (Excellent) of Castle Harbour Insurance Limited (Castle Harbour) and Harrington Sound Insurance Limited (Harrington).
These companies are captive insurance companies for Schlumberger Limited (SLB), a worldwide know-how firm within the vitality business.
Both companies are domiciled in Bermuda.The outlook of these credit ratings is steady.
The ratings of Castle Harbour and Harrington mirror their stability sheet power, which AM Best assesses as strongest, in addition to their robust working efficiency, impartial business profile and acceptable enterprise threat administration.
AM Best provides, the ratings affirm that Castle Harbour and Harrington keep the strongest stage of risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio , along with displaying robust working efficiency outcomes over every of the previous 5 years.
AM Best says the ratings additionally take into accounts the captives’ strategic significance in offering tailor-made insurance coverages for the father or mother and its subsidiaries.
While every captive carries comparatively massive limits inside its respective designated coverages for the father or mother within the basic legal responsibility and property strains of business, every writes a broad scope of business and has appreciable geographic diversification.
As captive insurers of SLB, the companies are an integral half of the father or mother’s ERM framework, which incorporates outlined threat controls and optimisation of the captives’ capital. Further, AM Best recognises the monetary flexibility afforded by their father or mother firm, in addition to their strategic significance throughout SLB.
