AM Best Affirms Credit Ratings of Castle Harbour Insurance Limited and Harrington Sound Insurance Limited
11 November 2022 - 7:29PM
Business Wire
AM Best has affirmed the Financial Strength Rating of A
(Excellent) and the Long-Term Issuer Credit Ratings of “a+”
(Excellent) of Castle Harbour Insurance Limited (Castle Harbour)
and Harrington Sound Insurance Limited (Harrington). These
companies are captive insurance companies for Schlumberger Limited
(SLB) [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 assesses as strongest, as
well as their strong operating performance, neutral business
profile and appropriate enterprise risk management (ERM).
The companies are captive insurers for SLB, a global technology
company in the energy industry. The ratings affirm 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 displaying strong operating
performance results over each of the past five years. The ratings
also take into consideration the captives’ strategic importance in
providing tailored insurance coverages for the parent and its
subsidiaries. While each captive carries relatively large limits
within its respective designated coverages for the parent in the
general liability and property lines of business, each writes a
broad scope of business and has considerable geographic
diversification.
As captive insurers of SLB, the companies are an integral part
of the parent’s ERM framework, which includes defined risk controls
and optimization of the captives’ capital. Further, AM Best
recognizes the financial flexibility afforded by their parent
company, as well as their strategic importance across SLB.
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 use of Best’s Credit Ratings, Best’s Performance
Assessments, Best’s Preliminary Credit Assessments and AM Best
press releases, please view Guide to Proper Use of Best’s
Ratings & Assessments.
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 London, Amsterdam,
Dubai, Hong Kong, Singapore and Mexico City. For more information,
visit www.ambest.com.
Copyright © 2022 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221111005487/en/
Chul Hyung Lee Senior Financial Analyst +1 908
439 2200, ext. 5036 chul.lee@ambest.com
Daniel Teclaw Associate Director +1 908 439
2200, ext. 5394 daniel.teclaw@ambest.com
Christopher Sharkey Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Al Slavin Communications Specialist +1 908 439
2200, ext. 5098 al.slavin@ambest.com
Schlumberger (NYSE:SLB)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Schlumberger (NYSE:SLB)
Historical Stock Chart
Von Jul 2023 bis Jul 2024