AM Best affirms ratings of Rembrandt Insurance

AM Best has affirmed the financial strength rating of A of Rembrandt Insurance Company, the Bermuda-based captive reinsurer of Vitol Holding. The outlook of the rating is stable.

The rating agency said the ratings reflect Rembrandt’s “very strong” balance sheet, underpinned by the strongest level of risk-adjusted capitalisation.

AM Best said it expects this to remain at the strongest level owing to low net underwriting leverage, internal capital generation, and an outward reinsurance programme placed with financially strong reinsurers.

However, it noted that Rembrandt’s balance sheet strength assessment is partially offset by the captive’s “moderate reliance” on reinsurance.