We expect Gard P&I (Bermuda) Ltd. (Gard, the group) will record an underwriting loss in the financial year ending Feb. 20, 2021 (FY2021) following underwriting losses in both the previous two years. We are revising our outlook on Gard to negative and affirming our 'A+' issuer credit and financial strength ratings on Gard's operating subsidiaries. The negative outlook reflects that we could lower our ratings on Gard over the next two years if we did not see the group return to at least breakeven underwriting levels. On Oct. 30, 2020, S&P Global Ratings revised its outlook on Gard and its operating subsidiaries to negative from stable (see Ratings List below). At the same time, we affirmed our 'A+' issuer credit
