S&P affirms North P&I’s ‘A’ rating

S&P Global Ratings has affirmed North P&I Club’s ‘A’ credit rating and stable outlook.

North reported an increase in free reserves in 2018/19 and says it “continues to hold capital adequacy above the ‘AAA’ benchmark”.

S&P expect the firm to maintain the rating over the two-year outlook period.

The rating covers North of England Protecting & Indemnity Association, Sunderland Marine Insurance and North Protecting & Indemnity DAC (collectively known as North Group) as well as North of England Mutual Insurance Association (Bermuda).

North’s chief financial officer, Ed Davies said: “We welcome S&P’s report and their recognition of the benefits of exercising discipline under difficult market conditions.

“Our careful diversification strategy and our ability to take proactive measures to manage the risk in our investment portfolio are helping us to weather the storm,” he added. “This in turn ensures that our members can rely on us and trade with confidence.”

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