S&P Global Ratings has raised the Swedish Club's insurer financial strength and issuer credit rating to A- with stable outlook.
The upgrade comes in recognition of disciplined underwriting and strong risk controls at the club.
The Gothenburg-based mutual has also consistently recorded combined ratios close to 100% which the ratings agency believes will give it a stable operating performance and capital base over the coming two years.
Lars Rhodin, managing director of the Swedish Club, said: “This is an important step for the Swedish Club and will enable us to further develop our growth and diversification strategies around the world. As a mutual society this news is a testimony to the quality and support of our members and to the commitment and expertise of our team.
“We were particularly pleased to note that S&P remarked upon the club’s strong underwriting discipline, which reflects ongoing improvements we have made to our enterprise risk management (ERM) capabilities. We have worked to reduce volatility in our capital position and have ensured that the Club is well-positioned for further development."
Earlier A.M. Best once again awarded the Swedish Club a financial strength rating of A- and a long-term issuer credit rating of A-, with a stable outlook.
