AM Best Affirms Credit Ratings of Castle Harbour Insurance Limited and Harrington Sound Insurance Limited
12 November 2020 - 8:18PM
Business Wire
AM Best has affirmed the Financial Strength Rating (FSR)
of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term
ICR) of “a+” of Castle Harbour Insurance Limited (Castle Harbour)
and Harrington Sound Insurance Limited (Harrington). These
companies are captive insurance companies for Schlumberger Limited
(Schlumberger) [NYSE:SLB]. The outlook of these Credit Ratings
(ratings) is stable. Both captives are domiciled in Bermuda.
The ratings of Castle Harbour and Harrington reflect their
balance sheet strength, which AM Best categorizes as strongest, as
well as their strong operating performance, neutral business
profile and appropriate enterprise risk management (ERM).
The companies are captive insurance companies for Schlumberger,
a leading provider of technology, integrated project management and
information solutions to customers working in the oil and gas
industry worldwide. The ratings reflect that Castle Harbour and
Harrington maintain the strongest level of risk-adjusted
capitalization, as measured by Best’s Capital Adequacy Ratio
(BCAR). In addition to excellent operating performance over several
years, the ratings take into consideration the important role the
captives play in providing their parent customized insurance
coverages. The captives carry relatively large limits in the
general liability and property lines of business; however, each
writes a broad scope of business and has significant geographic
diversification. ERM practices are appropriate given the
conservative risk culture across the Schlumberger enterprise,
defined controls and optimization of the captives’ capital and
surplus. Further, AM Best recognizes the financial flexibility
afforded the captives by their parent company as well as their
strategic importance across Schlumberger.
AM Best remains the leading rating agency of alternative risk
transfer entities, with more than 200 such vehicles rated in the
United States and 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.
This press release relates to Credit Ratings that have been
published on AM Best’s website. For all rating information relating
to the release and pertinent disclosures, including details of the
office responsible for issuing each of the individual ratings
referenced in this release, please see AM Best’s Recent Rating
Activity web page. For additional information regarding the use and
limitations of Credit Rating opinions, please view Guide to Best’s
Credit Ratings. For information on the proper media use of Best’s
Credit Ratings and AM Best press releases, please view Guide for
Media - Proper Use of Best’s Credit Ratings and AM Best Rating
Action Press Releases.
AM Best is a global credit rating agency, news publisher and
data analytics provider specializing in the insurance industry.
Headquartered in the United States, the company does business in
over 100 countries with regional offices in New York, London,
Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more
information, visit www.ambest.com.
Copyright © 2020 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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version on businesswire.com: https://www.businesswire.com/news/home/20201112005973/en/
Adrienne Stark Senior Financial Analyst +1 908 439 2200, ext.
5526 adrienne.stark@ambest.com
Christopher Sharkey Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Dan Teclaw Senior Financial Analyst +1 908 439
2200, ext. 5394 dan.teclaw@ambest.com
Jim Peavy Director, Communications +1 908 439
2200, ext. 5644 james.peavy@ambest.com
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