Cleveland Cascades LtdOvetMultimodal 2018TMS Tanker Conference 2018Sailors SocietyStemm
  • Ovet
  • Coaltrans India
  • Coaltrans USA
  • Cimbria Bulk Equipment A/S
  • Multimodal 2018
  • Vigan Engineering S.A

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.

Latest News

Algoma announces CEO resignation and replacement

(Posted on 12/02/19)

Algoma Central Corporation, a leading provider of marine transportation services, has announced that... Read more


Australia Deputy PM visits OMC

(Posted on 12/02/19)

Australia’s Deputy Prime Minister and Minister for Infrastructure, Transport and Regional Development... Read more


IRClass strengthens Indian footprint

(Posted on 12/02/19)

The Indian Register of Shipping (IRClass), a leading classification society, has opened two new offices... Read more


Sulphur and Greenhouse Gas reduction priority for ICS

(Posted on 12/02/19)

“The 2020 global sulphur cap will be the regulatory game changer of the decade with profound implications... Read more


Sembcorp selects NORDEN for long-term contract

(Posted on 12/02/19)

Dampskibsselskabet NORDEN A/S has signed a 10-year Panamax Contract of Affreightment (COA) with Indian... Read more


Alfa Laval expands PureBallast 3 training

(Posted on 12/02/19)

Alfa Laval will begin PureBallast 3 crew training courses in Houston, Manila and Mumbai during the first... Read more


Kawasaki develops new LNG-Fueled bulker

(Posted on 31/01/19)

Leading Classification Society ClassNK has granted an Approval in Principle (AIP) based on its Rule... Read more


New coal carrier for NYK

(Posted on 31/01/19)

A new coal carrier Pirika Mosiri Maru that NYK will own and operate to transport coal for Hokkaido Electric... Read more


UK DfT launches Maritime 2050

(Posted on 31/01/19)

The launch of Maritime 2050, the first long-term strategy developed in close partnership with industry... Read more


Damen presentation to Dutch minister

(Posted on 31/01/19)

On 28th January 2019, Cora van Nieuwenhuizen, Minister of Infrastructure and Water Management, visited... Read more


TMS Awards 2016 winnersVigan Engineering S.AMULTIMODAL 2019The Maritime Standards Awards 2018Port of StocktonCoaltrans USA
  • The Maritime Standards Awards 2018
  • Telestack
  • Bühler GmbH
  • The Mississippi Valley Trade & Transport Council
  • Stemm

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping