The ratings agency, which has privileged access to the accounts of Steamship Mutual and 10 of the other 13 International Group P&I clubs, forecasts a bottom-line surplus of $2m for the year that ended at yesterday’s renewal, following a deficit totalling more than $17m over the past couple of years.
S&P puts the likely combined ratio at 101% — just the wrong side of profitability — which is a big improvement on the near 115% for the year to 20 February 2013.
A
