Press Release: Steamship Mutual awarded Stable “A” rating by S&P
Steamship Mutual awarded Stable “A” rating by S&P Global following return to underwriting surplus
S&P Global have today revised the Club’s outlook to stable and affirmed its “A” rating. S&P noted the “robust” underwriting result for the 2022/23 financial year where the Club reported an improved combined ratio at 95.4% and notable entered tonnage growth. Recognition was given to efforts made over recent years to raise premium rates as well as deductibles.
In coming to their decision to revise the outlook S&P Global noted:
“We expect the Club will maintain its current excess of capital at the “AAA” level over 2023-2025 through solid underwriting and improved investment margins.”
Jonathan Andrews, CEO of the Club Managers, said:
“We are pleased S&P Global has made this change following the improved operating performance of the Club and the progress that has been made in strengthening the underwriting position. We remain committed to maintaining the strong financial position of the Club and believe that significant excess capital should be utilised for the benefit of the Members.”