S&P affirms UK P&I Club's A rating
On 30th October 2020 ratings agency Standard & Poor’s released a research update on the UK Club and affirmed the Club’s ‘A’ rating. In doing so S&P confirmed the UK Club’s capital as being “very strong” and at the ‘AAA’ level on its capital model. Nevertheless, the agency amended the outlook from stable to negative. S&P reports that, in general, “Protection and indemnity (P&I) clubs are facing a high number of claims this year” and the rating agency further notes both the high level of Pool claims, shared by the entire International Group of P&I Club, as well as the role of COVID-19.
The Directors’ report for the year ended 20th February 2020 observed that although the year ended in a $54 million surplus, thanks to a very strong investment result, premium rates have been falling across the P&I market for several years and are no longer sufficient to cover the associated claims and expenses. It therefore remains critical that the UK Club continues to focus on underwriting discipline and careful risk selection.
The Directors of the Club will hold their regular Autumn meeting on 9th November and will review the Club’s premium requirements then.
For further details, please contact:
Jon Atkins/ Alastair Doyle - Four Communications
UKP&I@fourcommunications.com / +44 (0) 20 3697 4200
Notes to Editors
The UK P&I Club is a leading provider of P&I insurance and other services to the international shipping community. Established in 1869 the UK P&I Club insures over 244 million tonnes of owned and chartered shipping through its international offices and claims network. ‘A (Negative)’ rated by Standard & Poor’s with free reserves of $559m, the UK P&I Club is renowned for its specialist skills and expertise which ensure ‘best in class’ underwriting, claims handling and loss prevention services.
The UK P&I Club is managed by Thomas Miller, an independent and international insurance, professional and investment services provider.
About Thomas Miller
Thomas Miller is an international provider of market leading insurance services.
Founded in 1885, Thomas Miller’s origins are in the provision of management services to mutual organisations, particularly in the international transport and professional indemnity sectors; where today they manage a large percentage of the foremost insurance mutuals. Increasingly Thomas Miller applies its knowledge and expertise to the development of specialist businesses.
Principal activities include:
Management services for transport and professional indemnity insurance mutuals
Managing general agency