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Press Release: S&P Global reaffirms Steamship’s ‘A’ rating with a stable outlook

SSM Roundel

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.”  




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