Standard & Poor’s (S&P) said it recognised the extremely strong risk based capital base as underwriting transferred from a Bermuda mutual to a sister operation in Luxembourg.
The ratings agency dropped the Strike Club’s rating to ‘BBB’ from ‘BBB+’ in October as lower freight rates were putting pressure on premium income.
The club sought a 10% general increase at 1 February, the start of the new policy year, and renewed 95% of existing members despite it being a year when shipowners are mostly getting reductions on protection-and-indemnity (P&I) club cover.
The
