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 February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Petrobras Downgrade Shakes Market

Moody's shocked bond investors this week with a surprise two-notch downgrade that put Brazilian oil company Petrobras in junk territory. The move was seen by some investors as overly assertive,

Brightoil Reports Steady Growth in Interim Results

Brightoil Petroleum (Holdings) Limited announced its interim results for the six months ended December 31, 2014, reporting steady growth over the period.   During the period,

Some Roads Reopened in Brazil, Truck Strike Persists

Striking truckers lifted their blockade of dozens of highways in Brazil after police began fining and arresting protesters, though strike organizers said they had

Vessels

Ferus Smit to Launch Newbuild Bulker

Ferus Smit will launch newbuild bulk carrier Arklow Breeze on Friday, March 20 at Westerbroek.   Arklow Breeze is the sixth and last vessel of a series to be

Damen ASD 2810 Hybrid Tug Delivered to Multraship

Multraship took delivery of a Damen ASD 2810 Hybrid tug vessel, built at Damen Shipyards Galaţi, in Romania. The delivery is part of Multraship’s fleet expansion program,

HHI to Add Massive Heavy Lift Vessel

Hyundai Heavy Industries to add 10,000 ton heavy lift vessel to its offshore facility-building infrastructure legion   Shipbuilder and offshore facilities contractor Hyundai Heavy Industries Co.

P&I Clubs

Top Five Most Costly Insurance Claims

The TT Club has alerted the supply chain industry to a persistence of claims in a handful of loss types. The international transport, freight and logistics insurance

BWMC's Entry Into Force Imminent

Jacqueline Tan, Senior Claims Executive at the UK P&I Club, commented on the ballast water management controls coming into force:  “The coming into force of the

Bangladesh Ferry Capsizes after Collision, 33 Dead

At least 33 people died in Bangladesh on Sunday when a passenger ferry capsized after colliding with a trawler on the river Padma with more than 100 people aboard, police said.

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction
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: 0.1364 sec (7 req/sec)