Standard & Poor’s affirms Gard A+ rating

Rating agency Standard & Poor’s has said that a very strong financial risk profile, combined with a high level of market share in its specialist field, meant that Gard would remain the dominant player in the P&I segment and a significant participant in the marine market more generally.

Although the rating’s negative outlook remains unchanged, S&P said that it expected Gard to be among the top quartile of P&I clubs in terms of capitalization over the next two years.

The ratings agency believed that, in spite of the recent heightened levels of pool claims having impacted the company’s results, the underwriting results will improve over the coming two years, with Gard’s strong risk management capabilities having reduced the volatility in the underwriting results, compared to other P&I players.