Press Release: S&P reports on Steamship Mutual's continued robust performance

September 2018

Gary Rynsard, Executive Chairman

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 (A with a stable outlook).

In an update published on their website S&P highlights the Club's robust operating performance in recent years and the significant excess capital that the Club holds over the “AAA” level according to their risk based model.

S&P reports that Steamship Mutual's recent underwriting performance reflects the strength of its competitive position, a result of the Club's continued focus on profitability over growth.

Executive Chairman Mr. Gary Rynsard commented:

"We are pleased that S&P acknowledge the very strong position established by the Club over recent years. In particular it’s good to see that S&P endorse our strategic decisions to focus on maintaining the mutual ethos of the Club and the benefits of a diverse Membership. The report is an encouraging endorsement of the polices adopted by the Board. The Members will no doubt be reassured to read such positive statements and we remain committed to use the financial strength of the Club for their benefit. As always we are grateful for the loyalty shown to the Club by the Members and their brokers,  which has been the foundation of our achievements."

 

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