Harrington & Castle Harbour Ratings Affirmed
AM Best has affirmed the Financial Strength Rating of A [Excellent] and the Long-Term Issuer Credit Ratings of “a+” of Castle Harbour Insurance Limited and Harrington Sound Insurance Limited.
These companies are captive insurance companies for Schlumberger Limited The outlook of these Credit Ratings is stable. Both captives are domiciled in Bermuda.
A statement from the ratings agency said, “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.”
