Statement from Lars Rhodin, Managing Director, The Swedish Club

“The Swedish Club recognises the rationale behind S&P Global Ratings’ decision to adjust its ratings of the Club from A- (negative outlook) to BBB+ (stable outlook). While this is disappointing, we appreciate that this decision was made as a result of the state of the investment market and is not a reflection of the Club’s underwriting performance during the course of 2022.

There are general concerns about capital levels within the industry as a whole; however, Management shares S&P’s expectation that the Club will maintain capital at the ‘AA’ benchmark in S&P’s capital model.

The Club notes that what is effectively a present value investment loss, which is expected to be recovered during the future rebound of the finance market, has had an impact on our current S&P ratings. We are, however, confident that our underwriting performance, the trust of our members, and our robust track record in business development point to a continued positive future for the Club.”

For further information, please contact Debra Massey at +44 1296 682675 or email dmassey@elabor8.co.uk.

Notes to Editors

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 insurance 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 in Gothenburg, Sweden, with branch offices in Piraeus, Oslo, London, Hong Kong, and Singapore.