Following S&P’s recent announcement that it would soon be withdrawing public information ratings for insurance companies in Western Europe, the London P&I Club took the decision to proceed to an interactive rating. The process has just completed, and S&P has confirmed the Club’s rating at BBB; Outlook Stable.
Ian Gooch, CEO of the Club’s management team comments, “A key and pleasing element in the interactive rating is S&P’s positive assessment of the Club’s financial strength, with capitalisation to remain extremely strong according to their capital model. At the same time – and as in S&P’s previous pi based ratings – the levels of our recent combined ratios are highlighted as constraining the rating. This is an aspect of the Club’s performance which we are focused on improving so it is therefore also pleasing to note S&P’s views on the measured and achievable planning that we have in place to strengthen technical results.”