Theprotection and indemnity mutual keeps its ‘A’ rating but the rating agency isconcerned that the club’s combined ratio for the last two years has been over120%, indicating a significant underwriting loss.
Standard& Poor’s says the performance has fallen significantly below the average ofrival clubs. The rating agency warns that without an improvement in underwriting performance, and against abackground of reduced investment returns, the capital position may weaken.
TheStandard
