Steamship Mutual rating upgraded to A- Stable by Standard & Poor’s

The Managers are pleased to report that, following an annual review by S&P, their interactive financial strength rating of the Club has today been raised to A- with a stable outlook. S&P
highlights the Club’s extremely strong capital adequacy supported by conservative reserving, its track record of good underwriting performance, and its strong competitive position.

CEO Gary Rynsard commented:

“After a sustained period of good performance it is encouraging that S&P has reflected this in their rating of the Club. We are pleased that S&P recognises the Club’s capital strength and its strong competitive position, which we have seen evidenced in recent premium and tonnage gains. Underwriting discipline has contributed considerably to this upgrade and we recognise the need to maintain that discipline as we go forward. We are, as always, grateful to the Members and the Board for their loyalty to the Club, which has been the foundation of this achievement.”

Chairman of the Club Board Mr. Heinrich Schoeller said:

“This news will be welcomed by the Members, reflecting the Club’s progress in re-establishing itself as one of the strongest in the International Group. It is also a time to thank the Members and their brokers for their great support which has been critical in securing this achievement. The Board will continue to carefully monitor operating performance and capital resources to preserve the S&P rating."  

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Note to Editors: Additional photography and comments are available upon request

 

Press contact:

Jackie Callard
+44 (0) 20 7650 6515
jackie.callard@simsl.com

About Steamship Mutual

Steamship Mutual (managed by Steamship Insurance Management Services Limited) is a leading provider of Protection & Indemnity (P&I) insurance. As one of the largest P&I Clubs in the International Group, Steamship Mutual insures a diverse range of shipping around the globe, for both shipowners and charterers.

Steamship Mutual offers a comprehensive range of P&I products and ancillary covers. The Club consistently delivers a first-rate service to its Members, providing high quality professional claims management and services, backed by a stable financial position and strong free reserves.

With offices in London, Bermuda, Hong Kong, Brazil and correspondents in every major shipping port worldwide, Steamship Mutual employs highly professional and experienced staff including qualified lawyers, ex-senior mariners, and specialist insurance and claims experts.

For further information visit: www.simsl.com