Standard & Poor's Ratings Services said it has affirmed its 'AA' long-term counterparty credit and insurer financial strength ratings on Omnium Insurance and Reinsurance Co. Ltd.
Omnium which is the wholly owned, Bermuda-based captive insurer of French oil and gas group Total S.A. has been given a stable outlook.
Omnium qualifies as a captive insurer under Standard & Poor's rating criteria and, as such, is rated at a level commensurate with its parent, said S&P.
"The ratings reflect the integral role played by Omnium within the risk management strategy of the Total group, as well as its extremely strong capitalisation and consistently superior operating performance," said S&P credit analyst Jelena Bjelanovic.
The stable outlook on Omnium reflects the stable outlook on its parent, Total. S&P said it expects that Omnium will continue to form an integral part of Total's risk management strategy.
Risk-adjusted capital adequacy will remain at an extremely strong level, driven largely by the continuing strength of the company's operating performance, with the combined ratio expected to remain below 60%.