Standard & Poor’s Ratings Services (S&P) today announced that it has raised its long-term counterparty credit and financial strength ratings on The Swedish Club to ‘BBB+’ with a stable outlook, citing in particular the stronger financial management of the Club supporting an underlying trend of improvement in operating performance.

In support of its decision, S&P points to the Club’s good competitive position and strong capital position with a capital adequacy at the lower end of the ‘AA’ (very strong) range based on its risk-adjusted model, following growth of more than 50% in free reserves since year-end 2008. Furthermore, S&P states that the Club’s 98.7% net combined ratio for the period 2007-2011 is better than International Group peers’ average even though this period saw a poor claims environment in 2007, 2009 and 2011.

“We are very pleased that S&P acknowledges the consistent strategic and operational progress made by the Club in recent years”, says Lars Rhodin, Managing Director. “Recent high profile casualties involving ships insured for several interests with the Club has allowed us to demonstrate our financial robustness and ability to handle large and complex marine loss events.”

Contact:
Henric Gard  The Swedish Club, telephone: +46 31 638 400