Royal Dutch Shell’s captive receives rating affirmation

Royal Dutch Shell’s Vermont-based captive, Noble Assurance Company has had its A+ (Superior) rating affirmed by AM Best, with a stable outlook.

AM Best commended Noble for its “strong capital adequacy, stable earnings and consistent surplus growth as evidenced by continued surplus levels through 2013 and projections beyond”. It also said that the captive benefitted from a strong captive manager and the high level of management involvement in the risk management framework.

AM Best added that “positive underwriting returns and a conservative investment strategy have contributed to strong risk-adjusted capitalization as measured by Best's Capital Adequacy Ratio.”