Research Update: Gard P.&I. (Bermuda) Ltd. 'A+' Ratings Affirmed Following Revised Capital Model Criteria; Outlook Stable

On Nov. 15, 2023, we published our revised criteria for analyzing insurers' risk-based capital (see "Insurer Risk-Based Capital Adequacy--Methodology And Assumptions"). The revised criteria have not changed our assessment of Gard P.&I. (Bermuda) Ltd.'s (Gard's) capital position. We therefore affirmed our 'A+' long-term financial strength and issuer credit ratings on Gard and its core subsidiaries. The stable outlook indicates that we expect Gard will retain its preeminent position in the protection and indemnity (P&I) and marine sectors over the next two years. On March. 4, 2024, S&P Global Ratings affirmed its 'A+' long-term financial strength and issuer credit ratings on Gard and its core subsidiaries. The outlook remains stable. The application of our revised capital adequacy framework has no material

...Key strengths Key risks Dominant market share in the P&I sector, with strong brand recognition. More diverse than peers in the marine sector, although lacking product diversification outside marine-related risks. Well capitalized, based on our risk-based model. Exposed to the volatility of other international group (IG) clubs' claims through the IG's pooling system....

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