Shipowners’ P&I Club Receives A –

Press Release
Wednesday, November 07, 2012

The Shipowners’ Club, major P&I insurer in the smaller and specialist vessel sector, has announced its first interactive ratings assigned by two leading credit agencies.  
S&P has confirmed the mutual’s rating as 'A –' with an outlook of Stable.  At the same time A.M.Best assessed Shipowners as A - (Excellent)




To underpin its future business plan and development objectives, the Club’s board decided earlier in the year to apply for an inter-active assessment from both agencies.  



Standard & Poor’s Ratings Services (S&P) assigned the Club its 'A -' long-term counterparty credit and insurer financial strength rating.  The outlook for this rating is Stable.



S&P said that it based its rating, in part “....on very strong capital adequacy that has improved significantly in recent years as a result of the club’s recent strong earnings.” Regarding its outlook of Stable, S&P stated it “…reflects our view that the club will maintain its strong capitalization and operating performance over the medium term.”



A.M.Best have assigned a financial strength rating to Shipowners of A – (Excellent).  The outlook was also confirmed as Stable.  The agency’s  announcement recognised that “The Club has a good niche business profile providing P&I insurance for over 31,000 small and specialised vessels operated by 6,000 members worldwide.”  



In welcoming the news Charles Hume, Shipowners’ Chief Executive, said, “We resolved to up-grade to an inter-active rating with two agencies whose reputations as influential, independent authorities on financial performance are well established across the world. We are very happy that our first review with both agencies has resulted in A – ratings, reflecting our own view of the strength and stability of the Club’s underwriting record and the size of our free reserves. We are sure that our Members and their brokers will be pleased to note that the overall strength of the Club has been recognised by these ratings.”   

 

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

Finance

Cat Financial Announces Second-Quarter 2014 Results

Cat Financial reported second-quarter 2014 revenues of $728 million, an increase of $34 million, or 5 percent, compared with the second quarter of 2013. Second-quarter

General Dynamics Gets $67mi Order from Peruvian Govt.

The Peruvian Ministry of Defence has awarded a USD$67 million contract to General Dynamics Land Systems-Canada for 32 Light Armoured Vehicles (LAVs) for the Peruvian Marines.

BW Offshore to Fully Own FPSO Petroleo Nautipa

Following to BW Offshore's announcement of 9 July 2014, BW Offshore has signed a sale and purchase agreement with Yinson to take 100% ownership of the FPSO Petroleo Nautipa,

Vessels

QinetiQ Signs Contract with ASV

QinetiQ, as part of a new Marine Surface Target Service, has signed a contract with Autonomous Surface Vehicles (ASV) for the supply and operational support of autonomous surface target vessels.

Volvo Penta Diesel Sterndrives for Metal Shark Patrol Boats

Metal Shark now offers Volvo Penta diesel sterndrives in its 29 Defiant patrol boats for customers requiring optimum performance, durability and maneuverability.

Wilhelmsen Secures Inert Gas System Orders

Breakthrough order in Japanese shipbuilding market sees largest ever capacity Maritime Protection IG units delivered for leading domestic owners. Wilhelmsen

Insurance

The Cause behind the Clause Piers & Docks Insurance

As a maritime business owner, your day-to-day focus is on managing and growing your business. Understandably, thinking about and understanding the nuances of your

American Club Expands E-Learning Offering

The American P&I Club has added to its library of e-learning modules released in cooperation with IDESS IT in the Philippines. The new module covers compliance

Response Firm Coordinates Indian Ocean Rower Rescue

Global Rescue, a crisis response firm providing medical, security, evacuation, and travel risk management services, says it has coordinated the rescue of a rower

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pipelines Salvage 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: 0.1749 sec (6 req/sec)