AM Best has affirmed the financial strength rating of A (Excellent) of Castle Harbour Insurance, Harrington Sound Insurance and Colliers Bay Insurance.
Castle Harbour and Harrington Sound are domiciled in Bermuda, and Colliers Bay is based in the Cayman Islands. Together they are the captives of Schlumberger, the world's largest oilfield services company.
The outlook for the ratings is stable, and reflects the captives' excellent capitalisation and conservative operating strategy.
The ratings also considers the captives’ critical role and favourable profile as part of Schlumberger, along with their excellent operating performance during the past five years, providing tailored insurance coverage to subsidiaries of the parent for certain property/casualty risks.
The positive rating factors are partially offset by the captives’ relatively large limits in its general liability and property lines of business.
AM Best expects the captives’ future operating performance to be stable but strong, and the stable earnings profile should further support the companies in controlling growth and business writings, which are consistent with the captives’ capital and surplus position.
AM Best, Castle Harbour Insurance, Harrington Sound Insurance, Colliers Bay Insurance, Bermuda, Cayman Islands