Press Releases 14 May, 2020

West’s robust financial performance recognised by Standard & Poor’s with reaffirmed A- rating

London, 01 December, 2020 – West of England P&I Club, a leading insurance provider to the global maritime industry, has today had its ‘A-‘ rating reaffirmed by Standard & Poor's (S&P) with a Stable Outlook, which also noted that the club is exceptionally well capitalised and is in excess of its ‘AAA’ benchmark rating.

• The West is capitalised in excess of S&P’s ‘AAA’ benchmark, and is expected to maintain this level
• In its 150th year the West’s reputation continues to grow with the free reserve and tonnage reaching record highs

At a time when the market conditions are challenging and S&P has a stated negative view of the P&I sector, the reaffirmation of the West’s rating is a positive confirmation of both the Club’s recent competitive performance and capital strength.

The assessment by a world-leading ratings service is a testament to the West’s continued strong investment performance, enduring financial health, and the early benefits of our strategic partnerships and joint ventures which complement the club’s core offerings. This combination of attributes has enabled the club to fully withstand the challenging recent economic conditions whilst continuing to set the benchmark for service excellence.

Tom Bowsher, Group CEO at the West said, “The positive confirmation we have received from S&P is a strong endorsement of our prudent risk selection, underwriting discipline and diversification strategy, as well as our robust operating performance in recent years reaffirming our excellent capital strength.”