Ratings agency S&P Global Ratings has affirmed North P&I Club’s ‘A’ credit rating and stable outlook under their new Insurers Rating Methodology.
North was one of only three P&I clubs to report an increase in free reserves in 2018/19 and the Club continues to hold capital adequacy above the ‘AAA’ benchmark, a rating strength that S&P expect the Club will maintain over the two-year outlook period. According to S&P analysts, the ratings outlook reflects North’s continued focus on controlled growth in a difficult market environment and maintaining its competitive position.
Responding to S&P’s latest report, North’s Chief Financial Officer, Ed Davies (pictured), said: “We welcome S&P’s report and their recognition of the benefits of exercising discipline under difficult market conditions. Our careful diversification strategy and our ability to take proactive measures to manage the risk in our investment portfolio are helping us to weather the storm. This in turn ensures that our Members can rely on us and trade with confidence.”
The rating covers North of England Protecting & Indemnity Association Ltd, Sunderland Marine Insurance Co. Ltd and North Protecting & Indemnity DAC, collectively known as North Group as well as North of England Mutual Insurance Association (Bermuda) Ltd.