This year and next is likely to be “as good as it gets” for the protection and indemnity clubs, according to an annual market analysis from the Standard & Poor’s rating group.

S&P sees little upside to the club’s current rating status with the exception of Gard which is on a positive outlook.

But the other side of the “stable” assessment is that it does not expect the clubs to run into financial difficulties or need cash calls.

S&P