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

People & Company News

Sea Star Line: Equipment Replacement Plan on Track

Company Receives New Refrigerated Containers and Places Order for New Genset Equipment   Sea Star Line, LLC began receiving the first of its new 100 40’ and 45’

October Imports up 9% at Port of Oakland

Containerized imports shipped through the Port of Oakland were up 9.17% in October from a year ago, the port said, citing the surge as the biggest jump in import cargo volume in six months.

Atteridge Retires from Furuno USA

After 30 years of service to Furuno USA, Inc., Jim Atteridge is retiring as President and assuming a new role, as Director and Corporate Advisor. Effective December 1,

Insurance

DGS Marine Advises Fixed Premium P&I Cover

DGS Marine, a leading global P&I management provider and exclusive manager for the British European and Overseas (BE&O) P&I facility, has highlighted the benefits

Russian Firms Face Huge Insurance Costs as Foreign Providers Flee

Russian companies face billions of dollars in extra insurance costs as Western sanctions prompt foreign insurance firms to start pulling out, worried that any business

WQIS President Hobbie to Retire

WQIS announces senior leadership change as president Richard Hobbie sets retirement Richard Hobbie III will retire from his position as President & CEO of the

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Salvage Shipbuilding / Vessel Construction Winch
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: 0.1205 sec (8 req/sec)