Poor’s has revised its outlook on Steamship Mutual to Positive from Stable. The A- financial strength rating has been reaffirmed.
In their announcement Standard & Poor’s note:
• the Club’s risk-based capital is expected to remain extremely strong;
• underwriting results are expected to remain stable and in line with those of other A rated Clubs; and
• the rating could be revised to A if a longer track record of extremely strong capital and stable earnings is demonstrated.
Gary Rynsard, CEO of Steamship Insurance Management Services Ltd, said:
“The Club’s underwriting performance and capital strength compare very favourably with the highest rated Clubs in the International Group. The Board is committed to maintaining this strong position which gives security to the Club’s Members. S&P has a positive view of Steamship’s risk management culture and controls over underwriting and investment risk.”