Financial ratings agency S&P Global Ratings has now placed nine of the 13 International Group of P&I Clubs on negative outlook.
The A-rated Swedish Club, Skuld, Britannia P&I and Steamship Mutual are the latest to be placed on negative.
The adjustments have been made in response to concerns over a sector-wide downturn in underwriting performance.
The Japan P&I Club is the only mutual currently on a positive outlook.
