London P&I Club outlook upgraded to Stable

S&P Global Ratings has upgraded London P&I’s outlook to Stable following a notably strong period of improved operating performance that has strengthened our capital position. S&P Global has also reaffirmed London P&I’s long-term financial strength rating at BBB.

According to S&P Global, the revised outlook reflects more disciplined underwriting practices at London P&I. It also noted that premium rate increases should support recorded earnings at breakeven levels over 2025 to 2026.

S&P Global expects London P&I to maintain its capital position above the 99.95% confidence level of its model.

The outlook also noted that London P&I’s solvency ratio improved to 190.5% as of February 2024, up from 129% in February 2023.

James Bean, Chief Executive Officer of London P&I, said: “This improved outlook from S&P Global is a clear reflection of the steps London P&I has taken over the past few years to strengthen its capital position by underwriting business at more sustainable rates, whilst concurrently growing the membership across all markets.”

He added: “As the club moves forward, we will be closely monitoring our ongoing underwriting performance to ensure London P&I provides its services and expertise to its growing membership from a robust financial base.”

Read the S&P Global Ratings report here: London P&I Club outlook revised to Stable | S&P Global Ratings