Affirmed ‘BBB+’ Rating Reflects Strengthened Capital Base and Sustained Performance Improvements

Gothenburg, Sweden – 11 December 2025 — The Swedish Club is pleased to announce that S&P Global Ratings has revised the Club’s outlook to Positive from Stable and affirmed its ‘BBB+’ long-term financial strength and issuer credit ratings. The action reflects the Club’s improved technical performance, reinforced capital strength, and the effectiveness of the strategic measures undertaken over recent years.

Capital Strengthening and Performance Outlook

S&P reports that The Swedish Club’s capital position has strengthened to the 99.95% confidence level and is expected to reach a sustainable surplus at the 99.99% level over the next two years. S&P further notes that the Club is “expected to achieve performance metrics at or exceeding the average of the International Group of P&I Clubs (IG).”

Sustained Technical Improvements

The Club’s combined ratios of 98% for 2024 and 97% for the first half of 2025 demonstrate the outcome of a multi-year effort to improve portfolio quality, refine pricing adequacy, and reduce volatility. This progress is the result of a deliberate tightening of underwriting standards and clear financial discipline, ensuring stability across both the risk and investment portfolios. The Club is on track to restore capital above S&P’s highest 99.99% benchmark, reinforcing resilience for the years ahead.

Statement from The Swedish Club

Thomas Nordberg, Managing Director, commented:
“This recognition from S&P underlines the strength of our strategic direction and the sustained effort we have invested in strengthening our performance and capital base. It provides a clear endorsement of the progress we are making and the resilience we are building for the years ahead.”

Path Toward Potential Upgrade

S&P notes that the rating may be raised within 12–24 months should The Swedish Club maintain sustainable excess capital at the 99.99% confidence level and continue delivering underwriting results in line with similarly rated peers in the P&I sector.

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Read the article from S&P here: https://www.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3493684

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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