AM Best has affirmed the financial strength rating of ‘A’ (excellent) and the long-term issuer credit rating of “a+” (excellent) of Bermuda-domiciled Stellar Insurance, a captive owned by the Saudi Arabian Oil Company (SAOC). The outlook for the ratings is stable.
The captive’s portfolio is concentrated by line of business, with most premiums represented by energy onshore and offshore property risks, as well as by geography with 84% of premiums associated with risks located in Saudi Arabia.
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