Standard & Poor’s (S&P) has adjusted the outlook for leading protection and indemnity insurers Gard and North P&I Club in response to a 25-year high in half-year pooled claims.
The influential ratings agency is currently reviewing P&I finances in the light of an exceptionally high number of International Group of P&I Club pool claims, which are hitting the already faltering underwriting performance of the insurance grouping's 13 members.
