In its latest report, S&P describes Norwegian Hull Club as ‘well capitalized, in excess of the AAA level’. It also draws attention to the company’s ‘strong and stable operating performance’ while recognising its ‘diversified product offerings, compared with monoline protection and indemnity clubs, across marine and marine-related lines’.
S&P’s report also notes The Club’s ‘leading position as a provider of a wide array of marine insurance products and its competitive advantage in key marine markets’, as well as ‘sector-leading underwriting results in hull insurance’.
In the report’s conclusion, S&P states: “We anticipate that the club will maintain its capital adequacy above the confidence level we expect of a ‘AAA’ rated entity according to our risk-based model. We also expect the club to maintain its premium reputation in the market and to expand its premium base conservatively over the next three years.”
Norwegian Hull Club’s CEO, Hans Christian Seim, said of the positive ratings report: “We take a long-term view on market cyclicality and, at the same time, monitor and adapt to changes and innovative solutions. 2017 was a year where the robustness of our business model was put to the test and the report reflects the underlying strength of our operations, which we will continue to develop together with our Board and members. Responding to our Client’s needs remains our primary focus.”
Read the the summary of S&P's report here.
4. Sep. 2018