14/12/2009
A.M. Best Affirms Ratings of The West of England Ship Owners Mutual Insurance Association
The following is an extract from the recent A.M. Best article, the complete text of which is available on their website.
“A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of "a-" of The West of England Ship Owners Mutual Insurance Association (Luxembourg) (WOE or the Club). The outlook for both ratings remains stable. A.M. Best expects the Club's risk-adjusted capitalisation to remain strong in 2010. The Club's financial performance is expected to improve over the next two years, supported by investment income and improving underwriting conditions in the protection and indemnity (P&I) market. Additionally, decreased levels of global trade and lower commodity prices are expected to reduce the frequency and severity of claims made against the Club.”