Steamship Mutual Underwriting Assn. (Bermuda) Ltd. (Steamship or the club) reported underwriting losses for fiscal year 2025 (ended Feb. 20), following two consecutive years of low claims activity. While results underperformed our expectations, the club?s performance is broadly in line with similarly rated peers. Its longer-term track record remains sound, with three- and five-year average net combined ratios of 99.5% and 107.5%, respectively. We therefore affirmed our 'A' ratings on the club. The stable outlook reflects our expectation that the club will improve its results to remain aligned with similarly rated peers, targeting a combined ratio of 100%-105% while maintaining capital adequacy above our 99.99% confidence level. On Aug. 18, 2025, S&P Global Ratings affirmed its 'A' long-term financial strength
