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S&P reaffirms Skuld's 'A' rating with stable outlook

14 October 2019

On 4 October 2019, Standard & Poor's ratings services reaffirmed its 'A' rating on Assuranceforeningen Skuld (Gjensidig). The outlook is stable.

Report highlights:

  • Skuld is one of the consistently strongest performers in its sector
  • The club has very strong levels of capital adequacy, as per our risk-based model
  • The club has historically recorded less volatility in results compared with peers

“Norway domiciled Skuld will continue to be one of the stronger performers in its sector. We expect Skuld will continue to record results that are in the top quartile of its protection and indemnity (P&I) peers. Skuld has recorded combined ratios (profit and loss) below 100% for over 15 years, showing considerably less volatility in its results than other clubs.”

“Skuld's capital position is likely to remain very strong. Skuld holds capital levels well above the 'AA' benchmark, under our risk-based capital model. We believe the club will maintain at least this level over the next two years.”

Please see full report here.