Swedish Club upgraded to 'A-' Rating
(Posted on 31/01/19)
The Swedish Club is pleased to report that S&P Global Ratings has raised its insurer financial strength and issuer credit ratings on The Swedish Club to A- with stable outlook.
S&P reported that through disciplined underwriting and strong risk controls The Swedish Club has continued to record combined ratios close to 100% despite testing conditions in its main markets. It believes that these improvements, combined with a sturdy operating performance, should enable the Club's capital position to remain resilient to market challenges over the next 24 months.
Lars Rhodin, Managing Director of The Swedish Club is delighted with the news: “This is an important step for The Swedish Club and will enable us to further develop our growth and diversification strategies around the world. As a mutual society this news is a testimony to the quality and support of our members and to the commitment and expertise of our team.
“We were particularly pleased to note that S&P remarked upon the Club’s strong underwriting discipline, which reflects ongoing improvements we have made to our enterprise risk management (ERM) capabilities. We have worked to reduce volatility in our capital position and have ensured that the Club is well-positioned for further development.
“S&P has recognised the Club’s commitment to deliver robust underwriting performance and preserve extremely strong capital adequacy in the future. During difficult operating conditions the management team has worked to keep a steady hand on the tiller, and we are delighted to see that dedication rewarded.”
Lennart Simonsson, Chairman of The Swedish Club’s Board welcomed the news on behalf of the Club’s members. “The Swedish Club has always been a very special organisation, with members making up an international community of front-rank shipowners. Over the last years we have seen difficult market conditions, and the Club has recognised the need to support its members. At the same time it has maintained a robust operating performance and continued to report net combined ratios close to 100%. It is only fitting that this should have been recognised by one of the world’s leading ratings agencies.”
This news follows on from A.M. Best once again awarding The Swedish Club a Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-”, with a stable outlook.
ICC International Maritime Bureau (IMB) figures show a rise in piracy and armed robbery on the world... Read more
China Classification Society (CCS) grew its serviced fleet to 34,974 vessels in 2019, marking another... Read more
Leading international catering management and training provider, MCTC has revealed that COVID-19 has... Read more
The International Association of Dry Cargo Shipowners (INTERCARGO) has held its Annual General Meeting... Read more
The BRS Group has a new chairman. As the partnership agreement stipulates, on reaching the age of 65... Read more
Høglund Marine Solutions (Høglund) and Veracity by DNV GL (Veracity) have signed a collaboration... Read more
“As one of the world’s major shipping nations, Germany needs an LNG infrastructure for its... Read more
The Thome Group and Carsten Rehder have agreed to cooperate in a joint venture.Under the agreement,... Read more
This year, the Indian Register of Shipping (IRClass) marks 10 years of full membership of the International... Read more
Britannia P&I Club’s overall credit rating has once again been confirmed as ‘A&rsquo... Read more