Standard & Poor's reaffirms BBB rating and stable outlook

William Robinson

S&P Global Ratings, the independent credit ratings provider, has affirmed its ‘BBB’ financial strength and credit ratings on The Shipowners’ Mutual Strike Insurance Association Europe. It added that the outlook remains stable.

This follows a renewal in which the club achieved a 98% retention of existing members and added nearly $6m of new business throughout 2017.

The Club has also grown the product range with new covers including delay from cyber-risks, off-spec bunker delays as well as wider and more flexible cover for shipboard risks.

The reaffirmation of the rating reflects S&Ps view of the club's business and financial risk profiles.