Standard & Poor's extends upgrade to UK P&I's Europe Club
22 January 2013
The UK P&I Club (the UK Club), one of the oldest shipping protection and indemnity insurance mutuals, is pleased to announce that ratings agency Standard and Poor's has extended its 'A - ' rating to The United Kingdom Mutual Steamship Assurance Association (Europe) Ltd. (the Europe Club).
This news follows the November announcement that Standard and Poor's upgraded the outlook for The United Kingdom Mutual Steamship Assurance Association (Bermuda) Ltd. (the Bermuda Club) to "Positive." This upgraded 'Positive' outlook also extends to the Europe Club.
As part of an internal reorganisation ahead of the introduction of Solvency II regulations, the Europe Club will become the group's main provider of direct insurance from February 2013. In its review, Standard and Poor's recognised the upcoming change and stated that it considers the Europe club to be "core to the group".
Hugo Wynn-Williams, Chief Executive of Thomas Miller P&I, the UK P&I Club's managers, said: "Recognition for both UK Club entities with the same, positive credit rating is welcome. The Club has worked to maintain balanced underwriting and a strong capital position in an environment of rising claims costs and volatile investments."
The UK Club's funds have continued to strengthen in the first half of 2012 with free reserves and capital increasing a further $8 million to $494 million at 20th August 2012. The UK Club is one of the strongest clubs financially in the International Group with a free reserve ratio of 167 per cent.
For further details, please contact:
Nick Whitear, Communications Director - Thomas Miller P&I Ltd
+44 (0) 20 7283 4646
Roddi Vaughan Thomas / Alistair Scott / Chiara Barreca- Broadgate Mainland
+44 (0) 207 726 6111
You may also be interested in:
EssDOCS, Bolero International Ltd, E-Title Authority Pte Ltd, Global Share S.A
The Chinese government changed in approach and lifted the various related restrictions on COVID-19 since December 2022. The Club would like to draw Members' attention to the latest circular from Shanghai P&I Services Ltd
P&IQ Scholarship 2023
The International Group of P&I Clubs and The Education Committee are pleased to announce the expansion of its annual scholarship programme to take part in the highly successful P&I Qualification programme.
The International Group (IG) Pooling and Group Excess of Loss Reinsurance contract (GXL) structure for the 2023/24 Policy Year has now been finalised.