The Swedish Club (TSC) is pleased to report that the global credit rating agency AM Best, has revised its outlook to stable from negative and affirmed a Financial Strength Rating of A- (Excellent).

Thomas Nordberg, Managing Director of The Swedish Club (TSC), welcomed the news adding: "The Club is committed to taking a proactive approach which is forward-thinking, allowing us to deliver value to our members, brokers and other stakeholders. This is an encouraging sign that the actions taken by the management team have improved our technical performance and have set us in good stead for 2025."

According to AM Best, the revised outlooks reflect TSC's improvement in operating results in 2023, and its projected year-end financial metrics for 2024. "The improvement in the Club's results reflects strong investment returns and actions taken by management to improve technical performance, including rate adjustments and derisking initiatives. In addition, in 2023, the Club reported growth in capital and surplus for the first time since 2020 driven by stronger investment returns. TSC has reported year-end technical losses in each of the five years from 2019 to 2023 (as calculated by AM Best); however, underwriting performance has been close to break-even in more recent years and further modest improvement is expected for year-end 2024," it said in a statement.

It added: "TSC's balance sheet strength is underpinned by its risk-adjusted capitalisation, as measured by Best's Capital Adequacy Ratio (BCAR), at the very strong level at year-end 2023. Free reserves increased in 2023, mainly driven by the reversal of prior year unrealised investment losses and are expected to improve further in 2024 (year-end 2024 audited financial statements not yet available). As a result, AM Best projects an improvement in TSC's BCAR over the 2024-2026 period. Moreover, TSC maintains a good liquidity profile."

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the US, the company operates in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.

Ends

About The Swedish Club:

The Swedish Club was founded by shipowners in 1872 and is today a leading and diversified mutual marine insurance company, owned and controlled by its members. The Club writes Protection & Indemnity, Freight, Demurrage & Defence, Hull & Machinery, Hull Interests, Loss of Hire, War Risks, and any additional insurances required by shipowners or charterers. It also writes Hull & Machinery, War Risks and Loss of Hire for Mobile Offshore Units and FPSOs.

Its head office is located in Gothenburg, Sweden, with branch offices in Athens, Oslo, London, Hong Kong and Singapore.

More information about The Swedish Club is available at: www.swedishclub.com

For further information please contact:

Lisa Jacobs - Tel: +44 (0) 7841 512022 Email: ljacobs@elaboratecomms.com

Sally Butler - Tel: +44 7961 730303 Email: sbutler@elaboratecomms.com