A.M. Best Upgrades Issuer Credit Ratings of Castle Harbour Insurance Limited, Harrington Sound Insurance Limited; Affirms Credit Ratings of Colliers Bay Insurance Limited

OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best has upgraded the Long-Term Issuer Credit Ratings
(Long-Term ICR) to “a+” from “a” and affirmed the Financial Strength
Rating (FSR) of A (Excellent) of Castle Harbour Insurance Limited
(Castle Harbour) and Harrington Sound Insurance Limited (Harrington).
A.M. Best also has affirmed the FSR of A (Excellent) and the Long-Term
ICR of “a” of Colliers Bay Insurance Limited (Colliers) (Cayman Islands)
(together these three companies are known as the captives). The outlook
of these Credit Ratings (ratings) is stable. All companies are domiciled
in Bermuda, unless otherwise specified.

The ratings of Castle Harbour and Harrington reflect their balance sheet
strength, which A.M. Best categorizes as strongest, as well as their
strong operating performance, neutral business profile and appropriate
enterprise risk management (ERM).

The ratings of Colliers reflect its balance sheet strength, which A.M.
Best categorizes as strongest, as well as its adequate operating
performance, limited business profile and appropriate ERM.

The companies are captive insurance companies for Schlumberger Limited,
a leading provider of technology, integrated project management and
information solutions to customers working in the oil and gas industry
worldwide. The ratings consider the captives’ critical role as part of
the parent company and their excellent operating performance during the
past five years, providing tailored insurance coverage for certain
property/casualty risks to subsidiaries of the parent. A.M. Best views
the captives’ management and corporate strategy as positive rating
factors, given the group’s conservative underwriting, operational goals
and transparency. ERM is appropriate given the impact on its
conservative risk culture, defined risk controls, and optimization of
the captives’ capital and surplus. The business profiles are assessed as
neutral, though they are single parent captives, as each writes a broad
scope of business and has significant geographic diversification. The
captives also carry relatively large limits in their general liability
and property lines of business. A.M. Best also recognizes the financial
flexibility afforded the captives by the well-rated parent.

Colliers’ rating attributes are identical to those described above.
However, this captive covers the seismic acquisition risks for
Schlumberger Limited, which will no longer be needed, as Schlumberger
Limited is in the process of divesting the assets of WesternGeco Seismic
Holdings Ltd., the subsidiary for which Colliers provided coverage. As a
run-off entity, it will have weaker operating performance over time and
a finite business profile. The company, does, however, receive rating
enhancement from its parent based on its role and integration within the
parent’s organization and A.M. Best’s expectation that management will
continue to maintain the strongest level of capital in the captive to
support any risks through the run-off period.

A.M. 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 A.M. 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 A.M. Best’s
Recent
Rating Activity
web page. For additional information
regarding the use and limitations of Credit Rating opinions, please view
Understanding
Best’s Credit Ratings
. For information on the proper media
use of Best’s Credit Ratings and A.M. Best press releases, please view
Guide
for Media – Proper Use of Best’s Credit Ratings and A.M. Best Rating
Action Press Releases
.

A.M. Best is a global rating agency and information provider with a
unique focus on the insurance industry. Visit
www.ambest.com
for more information
.

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its
affiliates. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Dan Teclaw
Senior Financial Analyst
+1
908 439 2200, ext. 5829

dan.teclaw@ambest.com
or
Susan
Molineux

Associate Director
+1 908 439 2200,
ext. 5829

susan.molineux@ambest.com
or
Christopher
Sharkey

Manager, Public Relations
+1 908 439
2200, ext. 5159

christopher.sharkey@ambest.com
or
Jim
Peavy

Director, Public Relations
+1 908 439
2200, ext. 5644

james.peavy@ambest.com

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