Standard & Poor’s (S&P) has revised its outlook on The Swedish Club to positive from stable. It affirmed the club’s BBB+ long-term insurer financial strength and issuer credit ratings.
S&P said that, despite challenging conditions in its markets, Swedish Club had continued to record underwriting returns at or better than breakeven levels and to reduce the level of results volatility.
S&P added that the positive outlook indicated that it could raise the ratings on Swedish Club if it continued to build its capital base and record underwriting results close to breakeven levels, while also improving its position in the International Group’s reinsurance pool.
Meanwhile AM Best awarded Swedish Club a Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-”, with a stable outlook.