Norwegian mutual marine insurer Gard Group has significantly grown its capital base in recent years, making it more stable and less vulnerable to one-off losses, in our view. We consider that its financial risk profile has improved as a result. We are affirming our 'A+' financial strength and issuer credit ratings on Gard's core operating entities. The stable outlook reflects our view that the group's earnings are likely to support its capital adequacy, such that our assessment of its capital and earnings does not fall below strong, and that the group will maintain the strength of its brand. On Nov. 18, 2016, S&P Global Ratings affirmed its 'A+' long-term insurer financial strength and counterparty credit ratings on the core operating
