S&P Global Ratings (S&P) has revised its outlook on The Swedish Club to positive from stable. It also affirmed its ‘BBB+’ long-term insurer financial strength and issuer credit ratings for the Club.
S&P stated: “The Swedish Club has continued to record underwriting returns at or better than breakeven levels and reduce the volatility of its results, despite challenging conditions in its markets.
“The positive outlook indicates that we could raise the ratings on The Swedish Club if it continues to build its capital base and record underwriting results close to breakeven levels while also improving its position in the International Group’s reinsurance pool.”
Coupled with this good news, A.M. Best has again awarded The Swedish Club a Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-”, with a stable outlook.
Lars Rhodin, Managing Director of The Swedish Club welcomed the news. “Following the process, S&P praised the Club’s strategy of focussing on the P&I sector, whilst remaining disciplined in our other main lines of business–hull and energy.
“We are pleased that we have been able to achieve this result, while still offering our members the ‘All-in-One’ levels of service for which we have become known.
“The news from S&P, along with confirmation that A.M. Best has continued to provide such a positive rating for the Club is a vote of confidence for the Club, the management team and of course for our members, the backbone of our business.”