Press Release: S&P Global reaffirms Steamship’s ‘A’ rating with a stable outlook
Published: March 11, 2024
In their recent review following changes to their model criteria S&P found no material impact of their view of the Club’s capital strength. S&P confirmed Steamship Mutual Group S&P ‘A’ rating under the new assessment criteria with a stable outlook.
In its review, S&P states:
“Our assessment of Steamship's financial risk profile primarily reflects the significant excess of capital that it holds above the 99.99% confidence level in our risk-based capital model. We expect that Steamship will continue to hold this excess of capital until Feb. 20, 2026. The club's announcement of a capital distribution of $25 million for the 2023-2024 financial year does not affect its ability to retain strong surpluses over the next two years, in our opinion.”
Director of Capital Management Anthony Warren noted:
“The review confirms the very strong financial position of the Club. It was also pleasing that S&P recognises our approach to underwriting and conservative investment management as key strengths.”
