AM Best Affirms Credit Ratings of Rembrandt Insurance Company, Ltd.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Rembrandt Insurance Company, Ltd. (Rembrandt) (Bermuda), a captive (re)insurer of Vitol Holding B.V. (Vitol), a group engaged in the trading of energy-related products. The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Rembrandt’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.

Rembrandt’s balance sheet strength is underpinned by risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). AM Best expects Rembrandt’s risk-adjusted capitalisation to remain comfortably at the strongest level, supported by low net underwriting leverage, excellent internal capital generation and a robust outward reinsurance programme, placed with a reinsurance panel of sound credit quality. In addition, the company has a conservative and highly liquid investment portfolio. Partly offsetting the balance sheet strength assessment is Rembrandt’s moderate reliance on reinsurance.

Rembrandt’s strong operating performance is demonstrated by its five-year (2020-2024) weighted average return on equity of 39.8%, which has been primarily driven by its excellent underwriting results, as evidenced by a five-year weighted average combined ratio (as calculated by AM Best) of 15.3% over the same period. In addition, the higher interest rate environment in recent years has resulted in good returns on the company’s conservative investment portfolio. To date, results in 2025 have remained solid and in line with AM Best’s expectations.

Rembrandt’s limited business profile assessment reflects its strategic importance to Vitol. The company is embedded within Vitol’s risk management framework; however, it covers only part of its parent’s insurance needs. Rembrandt has a concentrated insurance portfolio focused on the core operations of Vitol, with approximately 90% of its premiums derived from marine cargo and liability risks. Rembrandt’s written premium volumes fluctuate based on the value of crude oil, which has been elevated in recent years.

AM 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 http://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 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 specialising 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 http://www.ambest.com

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Contacts:

Patrick McCrystal, FIA

Financial Analyst

+44 20 3808 2988

[email protected]

Valeria Ermakova

Associate Director, Analytics

+44 20 7397 0296

[email protected]

Christopher Sharkey

Associate Director, Public Relations