The UK P&I Club has been reaffirmed at an A rating by S&P after redeeming its $100m bond.
The 10-year hybrid issue had provided an effective way of increasing the Club’s regulatory solvency capital and free reserves, the insurer said.
S&P's RatingsDirect said the A rating largely reflected the Club's proven access to capital markets, as well as its ability to make supplementary calls on International Group (IG) members.
