Research Update: Marine Insurer Steamship Mutual Outlook Revised To Negative On Underwriting Losses; 'A' Ratings Affirmed

We expect that Steamship Mutual Underwriting Assn. (Bermuda) Ltd. (Steamship or the club) will report an underwriting loss for its fiscal year 2026 (ended Feb. 20, 2026) (the combined ratio was 111% in fiscal 2025), that will be towards the bottom end of its protection and indemnity (P&I) peer group. We think a strong investment result will allow Steamship to record a bottom-line profit allowing the club to maintain a clear excess of capital above our 99.99% confidence level. We therefore revised our outlook on Steamship to negative from stable and affirmed our 'A' ratings on the club. The negative outlook reflects that we could lower our ratings on Steamship over the next two years if we do not see

...Rating Component Scores To From Business Risk Profile Strong Strong Competitive position Strong Strong IICRA Intermediate risk Intermediate risk Financial Risk Profile Strong Strong Capital and earnings Very strong Very strong Risk exposure Moderately high Moderately high Funding structure Neutral Neutral Anchor a a Modifiers Governance Neutral Neutral Liquidity Exceptional Exceptional Comparable rating analysis 0 0 Current Credit Rating Local currency financial strength rating A/Negative/-- A/Stable/-- Foreign currency financial strength rating -- -- Local currency issuer credit rating A/Negative/-- A/Stable/-- Foreign currency issuer credit rating -- --...

Research Update