S&P Affirms North P&I Club's "A" Stable Rating

Marinelink.com
Thursday, July 25, 2013

Ratings agency Standard and Poor’s (S&P) has affirmed North P&I club’s "A" credit rating and stable outlook following a review of marine mutuals based on the agency’s new ratings criteria for insurers.

The review confirms North’s continued status both as the second largest and as one of the highest-rated members of the International Group of P&I Clubs. It was based on S&P’s new rating methodology for insurers published on May 7, 2013.

According to S&P analysts, the rating under S&P’s revised criteria reflects North’s "strong business risk profile and strong financial risk profile, built on a strong competitive position and strong capital and earnings."

The analysts confirm North is one of the strongest members of the International Group. "The club ranks as the second-largest member by owned tonnage. In our view, the club has carefully managed its growth and continues to strongly emphasise financial strength."

The agency also commended the 170 million GT club for its "realistic approach" to the 2013 renewals and for its continued ‘resilience’. Despite the global economic downturn, "gross premium has increased by 11.7% year-on-year on average over the past five years, mainly through organic growth."

S&P anticipates North will maintain its competitive position and organic growth in the financial year ending February 2014. "We also expect it to outperform most of its International Group peers in terms of operating performance."
 

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Dann Marine Repowers With Cummins Tier 3 Engines

Dann Marine Towing, LC., is a fifth generation family owned and operated tugboat company based in Chesapeake City, MD. The model-bow twin-screw tug Sea Coast was

Sulzer Shareholder has 5 pct Dresser-Rand Stake

Russian billionaire Viktor Vekselberg's Swiss investment firm Renova Group said on Friday it had a 4.99 percent stake in U.S.-based Dresser-Rand, which might become the object of a takeover battle.

MAN-Powered Cargo Vessel Meets Tier III

Classification society awards SCR system emissions certificate. MAN Diesel & Turbo has been awarded a Tier III - compatibility certificate by the DNV- GL classification

P&I Clubs

US Pollution Risks: Federal & State Summaries

The US Pollution Risks publication, recently published for its members by the UK P&I Club, compiles summaries of all the Federal and state requirements on liability,

Arctic Shipping Routes: P&I Insurance FAQs

The UK P&I Club has compiled an FAQ which focuses on the implications for P&I insurance of choosing to use the Northern Sea Route. The Northern Sea Route (NSR),

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1197 sec (8 req/sec)