The Japan Ship Owners' Mutual Protection & Indemnity (P&I) Association has got a mostly positive assessment from Standard & Poor’s (S&P)  following a review of its financial performance.

The ratings agencys says the Japan Club has a good niche position in the global P&I market, helped by strong, long-standing relationships with its shipowner members.

It says the club's combined ratio points to a better-than-average underwriting performance but notes there is a lack of diversification as a result of concentration on P&I cover for domestic shipowners.