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

People & Company News

Henderson, Hanes & Associates Opens Doors in Miami

Ocean Engineering/ Naval Architecture Firm Brings Innovation to the Mega Yacht Community The Miami-based ocean engineering and naval architecture firm of Henderson & Associates, Inc.

DOF Installer Sells Offshore Vessel

DOF Subsea AS subsidiary, DOF Installer ASA, reported the sale of one of its three sister ships, an anchor handling tug supply (AHTS) vessel, to an international buyer.

Scanjet Secures 30-ship Tank Management Order

Scanjet Group has followed up its Tank Management order from Stolt-Nielsen with a series of contracts for its ITAMA Intelligent Tank Management concept including Tankcleaning,

Insurance

ITIC Urges Shipbrokers to Put it in Writing

ITIC has warned shipbrokers that they face the risk of serious financial loss if they fail to ensure that all parties to fixture agreements are in possession of full,

YoungShip Young Corporation Award 2014

For its efforts to promote young employee development, marine insurer GARD has been awarded the 2014 YoungShip Young Corporation Award. The shipping industry

Coast Guard: Investigations Underway in Cutter Collision

The Coast Guard is conducting a series of formal investigations after Tuesday’s collision involving a Coast Guard cutter and a fishing vessel off the coast of Puerto Rico.

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pod Propulsion Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.2014 sec (5 req/sec)