The Swedish Club (TSC) is pleased to confirm that global credit rating agency AM Best has maintained its Financial Strength Rating of A- (Excellent) rating, with a stable outlook.

According to AM Best, the ratings reflect the Club’s “very strong” balance sheet strength, alongside adequate operating performance, a neutral business profile and appropriate enterprise risk management.

Thomas Nordberg, CEO of The Swedish Club, said the outcome reflected steady progress across the business: “The stable outlook reflects the consistency we have brought to underwriting, investment strategy and risk management, and underlines our long-term focus on delivering sustainable value for members and brokers. As we look ahead to the release of our 2025 full-year results, our experience throughout the year and the underlying performance across the Club point to the continued strength of the business model and reinforce confidence in the journey we are on.”

AM Best noted that TSC’s balance sheet strength is underpinned by its risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), which improved to the strongest level at year-end 2024. Free reserves increased during the year, driven by elevated investment returns, and are expected to improve further by year-end 2025. The agency also highlighted the Club’s strong liquidity position, with liquid assets representing 134% of net technical provisions at year-end 2024.

The agency also pointed to an improvement in underwriting performance during 2024. “The Club reported a technical profit of USD 4.5 million, translating into a combined ratio of 98% (2023: 102%),” AM Best said, noting that performance improved across both the protection and indemnity (P&I) and hull and machinery (H&M) portfolios. TSC reported a profit after tax of USD30.7 million for 2024, and AM Best expects the Club to remain profitable in 2025, supported by strong investment returns.

AM Best further highlighted TSC’s diversified position within the marine insurance market and its membership of the International Group of P&I Clubs. Gross written premium increased to USD244 million in 2024, with further growth expected in 2025, driven primarily by general rate increases across the P&I portfolio.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, it operates in more than 100 countries, with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.

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About The Swedish Club: The Swedish Club was founded by shipowners in 1872 and is today a leading and diversified mutual marine insurance company, owned and controlled by its members. The Club writes Protection & Indemnity, Freight, Demurrage & Defence, Hull & Machinery, Hull Interests, Loss of Hire, War Risks, and any additional insurances required by shipowners or charterers. It also writes Hull & Machinery, War Risks and Loss of Hire for Mobile Offshore Units and FPSOs.

Its head office is located in Gothenburg, Sweden, with branch offices in Athens, Oslo, London, Hong Kong and Singapore.
More information about The Swedish Club is available at: www.swedishclub.com

For further information please contact:
Lisa Jacobs – Tel: +44 (0)1296 682104   Email: ljacobs@elaboratecomms.com
Sally Butler – Tel: +44 7961 730303  Email: sbutler@elaboratecomms.com