2013-10-17 16:40:04 -
A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating of A (Excellent) and issuer credit rating of “a” of Rembrandt Insurance Co. Ltd. (Rembrandt) (Bermuda).
The outlook for both ratings remains stable.
The ratings of Rembrandt reflect its excellent risk-adjusted capitalisation and its ability to continuously generate strong financial results. The ratings also consider Rembrandt’s stable business profile.
Rembrandt’s risk-adjusted capitalisation has remained excellent and continues to reflect its low net underwriting leverage. The company’s financial strength is expected to remain excellent in 2013 and 2014, supported by substantial retained earnings arising from its strong operating performance and a prudent dividend policy. Additionally, Rembrandt’s risk-adjusted capitalisation benefits from an extensive outward reinsurance programme placed with retrocessionaires
that have excellent financial strength.
Rembrandt continuously produced strong financial results driven by a benign claims experience, as reflected in an adjusted return of capital and surplus of 19.2%, which is in line with its five-year average of 19.5%. Going forward, A.M. Best expects prospective operating results to remain sound.
A.M. Best anticipates a consistent level of premium income for 2013 compared to 2012; however, A.M. Best is aware that premium development is closely linked to oil price trends; and as a consequence, premium income is potentially exposed to a certain degree of fluctuation.
Upward rating movements are unlikely at present.
Negative rating actions could occur if underwriting results were to deteriorate consistently. In addition, a significant reduction of Rembrandt’s risk-adjusted capitalisation could also negatively impact its ratings.
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 : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww ..
The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M.
Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww ..
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 : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww ..
A.M. Best Europe – Rating Services Limited is a subsidiary of A.M.
Best Company. A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww ..
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