LEADING RATINGS AGENCY EQUIFAX AFFIRMS MARITIME MUTUAL’S FINANCIAL STRENGTH RATING BBB+ (‘INVESTMENT GRADE’)
Article Updated 5th November 2020
Maritime Mutual’s latest BBB+ rating (issued 4 Aug 2020) reflects Equifax’s independent assessment of the Club’s financial security as being ‘Investment Grade’ and presenting a ‘Low Risk. Equifax Inc. is a consumer credit agency headquartered in the United States and is listed as one of the top three American credit agencies.
Maritime Mutual’s BBB+ rating was based on an open, transparent and auditable ratings assessment process that placed the Club within the top 30% of the P&I insurance industry. Factors included Maritime Mutual’s strong business risk profile as a globally recognised marine insurer together with its audited and sound financial statements and consistent profitability, encompassing Technical Reserves of USD 12 million and off balance sheet Assets exceeding USD 33 million. Other important factors included the strength and reliability of Maritime Mutual’s Lloyd’s Syndicate and London Market-based reinsurance programme, its highly efficient but economical management structure, its consistently positive underwriting results and revenue growth, conservative risk management and reinsurance arrangements, and strong liquidity and capital adequacy.
The Maritime Mutual financial rating assessment was accomplished by Equifax Inc. subsidiary, Equifax Australasia Credit Ratings Pty Ltd. Equifax Australasia is a leading assessor of business viability and financial capacity on behalf of both Government and the private sector. It holds an Australian Financial Services License to provide credit ratings to wholesale clients in compliance with the IOSCO Code of Conduct for CRAs. This ensures the independence, quality and integrity of its rating process.
Maritime Mutual’s managers are very pleased with Equifax’s latest affirmation of the Club’s BBB+ ‘Investment Grade’ and ‘Low Risk’ financial rating, with a Stable outlook, as a reflection of good management and the sustainable exercise of mutuality and care for the interests of the Club’s Members. To obtain a pdf copy of the Equifax BBB+ Investment Grade Certificate of Financial Viability awarded to Maritime Mutual please click the link below.