Ratings agency Standard & Poor's (S&P) has affirmed its ratings on Bermuda-based insurer The United Kingdom Steam Ship Assurance Association due to its strong capitalisation, financial flexibility and business position.
S&P affirmed the club's AA-minus counterparty credit and insurer financial strength ratings. It said the outlook on the ratings was stable.
The agency added that the ratings were partially offset by recent poor investment results, which had had a negative impact on the club's historically good operating performance.
The club is the world's largest protection and indemnity (P&I) club. Despite this, S&P said, another off-setting factor was the fact that as a mid-sized insurer, it focused exclusively on marine risks.
