Standard & Poor's affirmed the Club's A- (negative outlook)
Financial strength rating: A- by S&P Global Rating, 25 May 2022
Standard & Poor's has affirmed The Swedish Club to "A-" (negative outlook).
- Sveriges Angfartygs Assurans Forening's (The Swedish Club) technical performance was under pressure in 2020, and we expect it to be significantly below our forecasts for the full year 2021.
- We anticipate that the club will post technical losses this year that will likely erode the excess capital it currently holds above the 'AAA' confidence level in our risk-based model.
- We are therefore revising our outlook on The Swedish Club to negative and affirming our 'A-' ratings.
- The negative outlook indicates the possibility of a downgrade if the club's technical performance remains lower than we expect in our base case, reducing the company's risk-based capital adequacy.
On Oct. 20, 2021, S&P Global Ratings revised to negative from stable its outlook on marine insurer Sveriges Angfartygs Assurans Forening (The Swedish Club; TSC or the club). At the same time, we affirmed our 'A-' long-term insurer financial strength and issuer credit ratings on TSC.
Standard & Poor's, a division of The McGraw-Hill Companies, Inc., provides independent financial information, analytical services, and credit ratings to the world's financial markets. For more information on Standard & Poor's, visit http://www.standardandpoors.com/ratingsdirect
AM Best rating
Financial strength rating: A- Excellent by AM Best, Jan 28 2021
Best's financial size category: VIII
AM Best's rating report
Amsterdam, Jan 28 2021 — AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of
Sveriges Ångfartygs Assurans Förening (The Swedish Club) (The Club or TSC) (Sweden).
The outlook of these Credit Ratings (ratings) is stable.
"The ratings reflect TSC's balance sheet strength, which AM Best categorises as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management."
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