On 30 June 2015, Standard & Poor's Ratings Services reaffirmed its 'A' rating on Norway-based marine insurer Assuranceforeningen Skuld (Gjensidig). The outlook is stable.
Excerpt from the report, 'Rationale':
Business risk profile: Strong
- Membership of the International Group of P&I Clubs (IG) provides market access.
- Skuld is the only P&I Club having its own Lloyd's of London syndicate and a managing agent, which enables itto provide its members with a wider range of marine-related insurance products.
- One of the most diversified of its IG peers.
- Increasing brand reputation and sector-leading operating performance.
- Longstanding relationships with members.
Financial Risk Profile: Strong
- Capital adequacy will likely remain above or only just below the 'AA' level.
- Protection and indemnity (P&I) sector is inherently volatile. IG joint reinsurance program helps to manage exposure.
- Sector-leading operating performance a ratings strength and a key differentiator.
- Less-volatile operating performance than most of its IG peers'.