Press Release: S&P rating remains 'A' (Stable) for Steamship Mutual

September 2019

SJMC1

The Managers are pleased to report that Standard & Poor’s (S&P) have completed their latest interactive review of the Steamship Mutual Group affirming the financial strength rating of the Club at ‘A’ with a stable outlook.

S&P has highlighted Steamship Mutual as one of the strongest performing Clubs in the International Group, with capital well in excess of the 'AAA' level. Their report confirms the outlook is stable given the expectation that the Club will comfortably maintain an excess of capital above their 'AAA' capital requirement, and underwriting performance will improve over time.


Stephen Martin, Executive Chairman said:

"We are pleased that S&P once again acknowledges the very strong position established by the Club over recent years. For the last 3 years the Club has been able to return funds to its Members, over US$70 million, whilst maintaining its financial strength and strong competitive position. As always we are grateful for the loyalty shown to the Club by the Members and their brokers, which has been the foundation of the Club’s achievements.”

See Stephen talk in more detail about the Club's financial performance in his recent video following the release of the Club's Management Highlights.


** ENDS **

Press Contact:

Neil.Gibbons@simsl.com

020 7247 5490