A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of The West of England Ship Owners Mutual Insurance Association (WoE or the Club) (Luxembourg). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect WoE’s balance sheet strength, which A.M. Best categorises as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).
Free reserves have grown by an annual compound rate of approximately 12% over the past five policy years (2013-2017) and WoE’s balance sheet strength is underpinned by risk-adjusted capitalisation being maintained at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR).
Read the full A.M. Best press release HERE.
Click here for more information on our Financial Strength Ratings.