S&P affirms Skuld’s ‘A’ rating with stable outlook

Press release

Published: 14 June 2023

Skuld, a world leading marine insurer, is pleased to announce that Standard & Poor's (S&P) has affirmed its 'A' rating on Assuranceforeningen Skuld (Gjensidig). The outlook is stable.

S&P credit highlights

  • "The stable outlook reflects our expectation that over the next two years Skuld will record combined ratios close to or below 100% and maintain an excess of capital above our 'AAA' benchmark. We also expect the Club to produce underwriting results that are in the top half of its peer group.
  • We expect Skuld will continue to demonstrate its competitive strengths through close to or better than breakeven underwriting results in 2023-2025."

Ståle Hansen, Skuld president and CEO, said: "We are delighted to confirm that all the dedicated work to serve our members and clients, combined with the positive contribution to our result from the commercial side of Skuld's operations demonstrate that our diversification strategy is working well. We are proud of our strong underwriting result in hull and other lines, as we are equally pleased with our positive underwriting result in mutual P&I, highlighted by an A rating with a stable outlook, by S&P. "