Steamship rating of ‘A’ confirmed by S&P, stable outlook

Rating agency Standard & Poor’s (S&P) has affirmed the financial strength rating of the Steamship Mutual Group at ‘A’, with a stable outlook.

Steamship said that S&P had highlighted the Club as “one of the strongest performing Clubs in the International Group, with capital well in excess of the ‘AAA’ level”.

It added that the agency’s report “confirms the outlook is stable given the expectation that the Club will comfortably maintain an excess of capital above their ‘AAA’ capital requirement, and underwriting performance will improve over time”.

Executive Chairman Stephen Martin said that:

“We are pleased that S&P once again acknowledges the very strong position established by the Club over recent years. For the past three years the Club has been able to return funds to its Members, more than US$70m, whilst maintaining its financial strength and strong competitive position”.