Posted on: 27 August 2016
Steamship Mutual is pleased to report that on 24 August Standard & Poor’s (S&P) raised their interactive financial strength rating of the Club to A with a stable outlook.
In a research update published on their website S&P highlights the Club’s track record of good underwriting performance with very strong capital and its expectation of stable performance in the future.
Executive Chairman Mr. Gary Rynsard commented: “We are pleased to see S&P acknowledge the very strong position established by the Club over recent years. Importantly the upgrade also takes into account the excellent underwriting performance of the Club as well as its capital strength. Underwriting discipline has contributed considerably to our progress and we recognise the need to maintain that discipline as we go forward. We are, as always, grateful to the Members and the Board for their loyalty to the Club, which has been the foundation of this achievement.”
Chairman of the Club Board Mr. Armand Pohan said: “As was reported in the Management Highlights the capital strength of the Club is well in excess of the AAA level of target capital as measured by S&P. It is welcome news, therefore, that S&P have decided now to reflect this strong position by upgrading the Club’s rating. The Members will be reassured by this positive news reflecting the Club’s position as one of the strongest in the International Group. It is also a time to thank the Members and their brokers for their great support which has been critical in securing this achievement. The Board will continue to carefully monitor operating performance and capital resources to preserve the S&P rating.”
