Standard and Poor’s has recently affirmed Skuld’s rating of ‘A’ with stable outlook. In doing so, they also confirm that of all the members of the International Group of P&I Clubs the Norwegian clubs Gard and Skuld are the least volatile, with no other clubs at their level.
Although Skuld recorded its first underwriting loss in 16 years in financial year 2020, and is likely to do so again in 2021, the rating is reaffirmed based on its capital resilience to these adverse market conditions, and to COVID-19. S&P believes the club will maintain a significant capital buffer above the ‘AA’ benchmark of their risk-based model after these difficult years, and return to profitability for financial year 2022.
For us brokers it is a tenet that we are only as strong as our home markets, and we are pleased to see our countrymen maintain their positions as global leaders.
Insurance Marine News