American Club Gets S&P Rating Boost

MarineLink.com
Monday, July 22, 2013
American Club logo

Under Standard & Poor’s Ratings Services’ latest review, the American P&I Club’s financial strength rating has been raised a full notch from BB+ to BBB-, an investment grade, with a stable outlook.

This action follows a comprehensive review of the club’s current and prospective circumstances by reference to S&P’s new criteria for the rating of insurance companies which it has now extended to 14 marine mutual insurers.

In their rationale for increasing the club’s rating to an investment grade, S&P referred, inter alia, to its improved view of the club’s prospective capital adequacy, its business risk profile and competitive position. The agency also referred to the club’s enhanced underwriting risk controls which, among other things, have caused the club’s average loss ratios to register a downward trend in recent years.

Speaking in New York, Joe Hughes, chairman and ceo of SCB Inc., the managers, said that the agency’s step-up to an investment grade was a very positive development for the 96-year-old American Club.

He added: “Given the significance sometimes attached in certain sectors to an S&P investment grade rating, it will amplify our continuing outreach in serving the global maritime community.”

The American Club was founded in February 1917. In addition to its US headquarters in New York, the club is able to provide local service across all time zones, communicating in 11 languages, with subsidiary offices in London, Piraeus and Shanghai and a worldwide network of correspondents.

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

People & Company News

WSC CEO Koch to Retire in 2015

Chris Koch, current president and CEO of the World Shipping Council (WSC), will retire from his position on July 31, 2015, and WSC Senior Vice-President and General Counsel,

Cecon Secures Finances to Complete Newbuild

Cecon ASA has petitioned for a debt restructuring agreement (in Norwegian: gjeldsforhandling). Certain funds managed by York Capital Management Global Advisors,

HII Board of Directors Elects Two VPs

Huntington Ingalls Industries’ (HII) board of directors has elected Kellye Walker to serve as corporate vice president and general counsel and Charles R. “Chuck” Monroe Jr.

Finance

Cecon Secures Finances to Complete Newbuild

Cecon ASA has petitioned for a debt restructuring agreement (in Norwegian: gjeldsforhandling). Certain funds managed by York Capital Management Global Advisors,

Libyan State Oil Firm NOC Will Remain Independent

Libya's Tripoli-based state firm National Oil Corp (NOC) will remain independent, it said on Thursday, in an apparent attempt to reassure foreign oil buyers it will stay out of the country's conflict.

Oil Prices Retreat from Short-covering Rebound

Global crude prices fell more than $1 a barrel on Thursday, retreating from a short-covering charged rally as traders bet the market had not shaken off a six-month long rout on oversupply concerns.

P&I Clubs

Even 'Small' Vessels are Getting Bigger

The Shipowners’ Club is a mutual provider of P&I insurance that has throughout its 160 year history been dedicated to serving owners of small and specialist ships.

Danish Investors Investigating OW Bunker Collapse

A group of the largest Danish institutional investors has initiated an investigation of the collapse of ship fuel supplier OW Bunker, they said in a joint statement on Wednesday.

Mares Joins Guardian as Europe, U.S. Agent

Going from strength to strength, Guardian Maritime Ltd, producers of GUARDIAN anti-piracy barriers, has further expanded its worldwide coverage and distribution

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators 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: 0.2952 sec (3 req/sec)