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.
- 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.
- 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.
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.
25145 - S_P_Report 323 KB
You may also be interested in:
On Thursday 05 May, the Club held their latest Loss Prevention webinar discussing the practical aspects of mitigating and clean-up of pollution and examining the critical task that P&I clubs hold with organisations such as ITOPF and salvors to mitigate and clean up various types of pollution at sea and on the coast.
It is not always smooth sailing in the shipping industry
This Solvency and Financial Condition Report ("SFCR") covers the Business and Performance of The United Kingdom Mutual Steam Ship Assurance Association (Europe) Limited ("UKE") and The United Kingdom Mutual Assurance Association (Bermuda) Limited ("UKB")
UK Club Circular 12/21: Special General Meeting of the United Kingdom Mutual Steam Ship Assurance Association Limited - Proposed Amendments to Rules
A Special General Meeting of The United Kingdom Mutual Steam Ship Assurance Association Limited will be held on 18th January 2022 in London.