Press release: S&P affirms Standard Club Europe 'A' rating with stable outlook
25 June 2015
Ratings agency Standard & Poor’s (S&P) has affirmed its ‘A’ (Strong) insurer financial strength credit rating for Standard Club Europe, Standard Reinsurance (Bermuda) and Standard Club Asia. S&P has revised its outlook on the club to stable from negative to reflect the club’s capital strength and sustainable underwriting performance.
Jeremy Grose, Chief Executive, The Standard Club, says:
“I am very pleased that S&P has confirmed the club’s rating as ‘A’ with a stable outlook. We have focused on delivering sustainable underwriting and achieved a 100% combined ratio in 2014-15, following a 101% combined ratio in 2013-14. This breakeven underwriting result is exactly in line with our target and reflects our status as a mutual insurer. We are focused on providing good-value, sustainable P&I insurance and related cover to our high quality membership, combined with excellent financial security, market-leading service and a selective approach to growth.”