Standard & Poor's, the leading company credit ratings provider, has rated Norwegian Hull Club as "A with stable outlook" once more.
In its latest report on The Club - published 29 April 2026 - S&P states: "We expect Norwegian Hull Club will continue recording underwriting results in the top quartile of its marine insurance peers, with adjusted combined ratios (excluding the impact of premium returns) below 95% over 2026 and 2027."
'Strong'
The ratings report notes that: "The Club maintained its strong underwriting performance in 2025 with a combined ratio of 89.1% (2024: 82.7%), or 83.7% (2024: 78.4%) when adjusted for premium returns. Despite less favorable conditions in some of Norwegian Hull Club's key markets during 2025 and into 2026, we expect The Club's disciplined approach to underwriting risk will sustain its strong technical profitability."
'Significant'
In identifying key strengths in its overview, Norwegian Hull Club's 'strong capital buffers' are highlighted, with S&P noting: "The Club holds a significant surplus of capital at our 99.99% benchmark, which we expect it to maintain over the next two years."
The 99.99% confidence level implies that The Club is capitalised for 1-in-10,000-year events according to S&P’s capital model.
'Loyalty'
The report also states: "Norwegian Hull Club's member retention rate remained above 90& at the end of 2025, despite unfavourable conditions in the shipping industry. We expect The Club's strong service offering will continue to foster member loyalty."
The report draws attention to Norwegian Hull Club's 'leadership in loss-of-hire insurance', adding that S&P expects The Club to 'continue as a key insurance provider for the marine energy sector, as well as hull and machinery coverage. The Club is likely to retain its approximately 25% share of the Nordic market, which represents about 10%-15% of global hull insurance premiums'.
'Endorsement'
Norwegian Hull Club CEO Hans Christian Seim, said: "S&P’s latest assessment is a clear endorsement of the strength of our service concept and the expertise and commitment of our people who deliver it every day.
"In a world that keeps shifting, staying relevant is absolutely crucial to our organisation. Such recognition as S&P Global Ratings’ motivates us all to keep evolving and delivering even greater value for our valued clients and members.”
You can read the report here S&P Global Ratings - April 2026.