Standard & Poor's Rating Report - May 2016


Standard & Poor's May 2016 Rating Report for the UK Club is available in full as a pdf.

 

Business Risk Profile: Strong

  • International Group of P&I Clubs (IG) membership provides market access.
  • Second-largest IG member by owned tonnage and premium.
  • Longstanding relationships with members.
  • Improved operating performance.
  • Exclusive focus on marine lines.


Financial Risk Profile: Strong

  • Extremely strong capital adequacy, which is a key strength to the rating.
  • A more stable technical profit since 2010.
  • Exceptional loss record on the pool, and hence a low pool share compared to the club's market share by premiums.
  • Conservative reserving.
  • Low interest coverage, which limits our financial flexibility assessment.
  • Underlying strong financial flexibility due to the United Kingdom Mutual Steam Ship Assurance Association
  • (Bermuda) Ltd.'s ability to make supplementary calls on members.

Other Factors

  • We have elected to assign the higher of the two anchor ratings implied by our assessments of the club's business and financial risk profiles to reflect the club's underlying financial flexibility.


Outlook: Stable
The stable outlook on United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Ltd. (the U.K. Club) reflects our view that the club's capital adequacy will remain in the 'AAA' range. In addition, we expect the club's underwriting performance to remain on a par with a recent strengthening and stabilization through February 2017–February 2019. We anticipate that the club's conservative reserving, reinsurance program, and smaller share of the IG pool will serve to stabilize the results that enhanced underwriting standards have improved in recent years.

Industry developments

Polar Shipping

Legal, navigational and environmental resources, news and updates on the development of polar shipping. Read more


US VRP Compliance

With effect from 30th January 2014 non-tank as well as tankships calling at US ports will be required to submit VRPs.  For Club and other resources to assist in compliance click here


International Environmental compliance

Environmental Compliance resource page collates material in respect of International environmental compliance issues affecting our Members. Information from the Club, Loss Prevention and external resources has been collated in one place for ease of reference.


MLC 2006

The Maritime Labour Convention enters into force in August 2013 - resources, news & advice on implementation can be found in this dedicated section.  READ MORE


International sanctions

Recent guidance & corresponding material in respect of international sanctions against various countries has been updated with respect to temporary easing of sanctions against Iran.  READ MORE


Piracy

Essential precautions and preparation against piracy, as well as additional information and resources, loss prevention advisories and useful external web links


Emergency Contacts


If you need to call our offices out of hours and at weekends, click After Office hours for a up to date list of the names of the Duty Executives and their mobile phone numbers. 

Ship Finder


This Ship Finder is updated on a daily basis. Members who need to advise the Club of updates to their recorded ships' details should advise their usual underwriting contact.