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

Nordic American Offshore Declares Dividend

Nordic American Offshore Ltd. today announced that its board of directors has declared a dividend of $0.45 per common share for the third quarter 2014. This is the same as for the second quarter 2014.

Bollore Africa Logistics Sees Profit Plunge in H1

First half 2014 profit at shipping company Bollore Africa Logistics plunged to 5.89 billion CFA francs ($11.48 million) from 9.45 billion CFA francs in the same period last year,

Ocean Rig, Petrobras Agree to $1.1b Drill Ships Lease

Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to

 
 
Maritime Careers / Shipboard Positions Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction 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: 0.1282 sec (8 req/sec)