S&P Global Ratings reconfirms Norwegian Hull Club's 'A with stable outlook' rating
Norwegian Hull Club’s ‘A rating with a stable outlook’ was affirmed by the corporate credit ratings provider S&P Global Ratings, in its latest report on The Club, issued on 4th July 2022.
S&P highlights Norwegian Hull Club’s ‘extremely strong capital adequacy’ supported by an ‘established position in marine hull and loss of hire’ as key strengths, and the rating agency consider both The Club’s business risk profile and its financial risk profile to be strong.
‘Proof of the value of our service concept’
S&P Global Ratings states that its ‘stable outlook on Norwegian Hull Club reflects the strength of the company's brand and its business mix, which differentiates its operating performance from its peers’ and further elaborates: ‘we also expect The Club to maintain its premium reputation in the market and to expand its premium client base conservatively over the next three years‘.
In its assessment of Norwegian Hull Club’s business risk profile, S&P Global emphasizes how the offering of loss-prevention solutions and claims lead position has contributed to The Club’s traditionally strong combined ratio.
Commenting on S&P Global’s recent report on Norwegian Hull Club, Chief Executive Officer Hans Christian Seim says: ‘The foundation of Norwegian Hull Club’s business concept remains the same. Our mission is to secure lives, health, environment and property to help protect both people and the planet. We have a mutual interest with our clients to reduce the risk of events that may negatively impact this through taking a pro-active approach, remaining curious and sharing knowledge. We are both humbled and proud that our clients value our services, proven through the high renewal retention rate. The acknowledgement from S&P in this respect, is another proof of the importance of our service concept’.
The summary of S&P’s rating of The Club is available here.