Gard has a leading position in the Global P&I sector and a premier reputation in the marine sector more widely. In addition, the club is capitalized to levels well above our 'AAA' benchmark. Although diversified within marine classes, the club is comparatively undiversified in product lines compared to other 'A+' rated peers. We are affirming our 'A+' ratings on Gard's core entities. The outlook is stable because we expect the club to maintain its pre-eminent position in the sector and maintain capital levels at least in our 'AAA' category. On Sept. 13, 2019, S&P Global Ratings affirmed its 'A+' long-term insurer financial strength and issuer credit ratings on the core subsidiaries of the Gard club (see the ratings list below
