This year's Annual Review reports strong financial results, continued strategic progress and enhanced support for shipowners operating in an increasingly complex and uncertain global environment.
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P&I Club NorthStandard Ltd. ‘A’ Ratings Affirmed; Outlook Remains Stable Despite Rise In Pool Claims
The heightened pool claim environment is expected to hamper protection and indemnity (P&I) clubs’ operating performance.
Like most of its peers, we expect NorthStandard to report technical losses in the fiscal year ended Feb. 20, 2025 after two years of sound results.
We affirmed our ‘A’ ratings on NorthStandard Ltd. and its subsidiaries.
The stable outlook indicates that we expect NorthStandard to maintain capital adequacy in line with our 99.99% confidence level and that we expect its underwriting results to recover to 100%-105% over the next 12-24 months.
On May 12, 2025, S&P Global Ratings affirmed its ‘A’ financial strength and issuer credit ratings on NorthStandard Ltd., NorthStandard Re Ltd., The Standard Club UK Ltd., and The Standard Club Asia Ltd. At the same time, we affirmed our financial strength ratings on NorthStandard EU DAC (previously North of England P&I DAC) and The Standard Club Ireland DAC. The outlooks on all these ratings are stable.
