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 said that, through disciplined underwriting and strong risk controls, The Swedish Club had continued to record combined ratios close to 100% despite testing conditions in its main markets. S&P believed 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 said that “this is an important step for The Swedish Club and will enable us to further develop our growth and diversification strategies around the world.”
He said that the Club was “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.”
Lennart Simonsson, Chairman of The Swedish Club’s Board noted that “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 recognized by one of the world’s leading ratings agencies.”