[December 20, 2012]

A.M. Best Affirms Ratings of Noble Assurance Company

A.M. Best Co. has affirmed the financial strength rating of A+ (Superior) and issuer credit rating of "aa-" to Noble Assurance Company (Noble) (Burlington, VT). The outlook assigned to both ratings is stable.

Noble has exhibited strong capital adequacy, stable earnings and consistent surplus growth. The company benefits from intensive risk management processes as a captive insurance company for Royal Dutch Shell plc and its subsidiaries. 100% of the risk taken by Noble is ceded to Solen Versicherungen AG (Solen), a subsidiary of Shell Petroleum N.V. and ultimately Royal Dutch Shell plc. Solen is well capitalized and has demonstrated consistently strong metrics over the past few years. Noble's ultimate parent is Royal Dutch Shell plc.

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 independen data on the captive and alternative insurance market, please visit www.ambest.com/captive.

The principal methodology used in determining these ratings is Best's Credit Rating Methodology -- Global Life and Non-Life Insurance Edition, which provides a comprehensive explanation of A.M. Best's rating process and highlights the different rating criteria employed. Additional key criteria utilized include: "A.M. Best's Rating Methodology for Captive Insurance Companies"; "Risk Management and the Rating Process for Insurance Companies"; and "Understanding Universal BCAR." Methodologies can be found at www.ambest.com/ratings/methodology.

Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2012 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

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