The Club’s S&P ‘A’ rating reaffirmed following revised capital-model criteria
Norwegian Hull Club is pleased to convey that the company’s rating with S&P Global Ratings (S&P) remains unchanged at ‘A’ with a stable outlook, after the ratings company revised its criteria for analysing insurers’ risk-based capital.
“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,” S&P stated in its research update.
'Extremely strong'
In its analysis, which was published today, S&P highlighted The Club’s ‘extremely strong capital adequacy’, its ‘strong reputation in the hull and loss-of-hire markets’ and the ‘recent exceptional underwriting performance with improved conditions in the marine market’ as the company’s key strengths, and thus underlined why applying the revised capital model criteria had not changed the assessment of Norwegian Hull Club’s capital position.
Furthermore, the corporate credit ratings provider stated that ‘the stable outlook reflects our view that, over the next two years, Norwegian Hull Club will maintain an excess of capital above our 99.99% confidence level thanks to strong underwriting results’.
‘Very loyal members’
Hans Christian Seim, CEO of Norwegian Hull Club, said of the report: “We note that S&P in its rationale has acknowledged The Club’s ‘very loyal members’. This loyalty and the mutual long-term commitment between us and our clients are at the core of our success and an enabler for the continuous development of The Club’s service concept, in-house expertise and dedication to knowledge sharing. For these relationships, we are truly grateful.
“With the latest confirmation of our ‘A stable’ rating from S&P, our loyal members and clients have yet another reassurance that Norwegian Hull Club is a trusted, well-founded and well-capitalised long-term partner.”
You can read the full report from S&P here: S&P Global Ratings (spglobal.com)