Research Update: Steamship Mutual Outlook Revised To Stable From Negative On Return To Profitable Underwriting; 'A' Ratings Affirmed

Steamship Mutual Underwriting Association (Bermuda) Ltd. (Steamship or the club) produced a robust underwriting result in the financial year 2023 (ended Feb. 20, 2023). Despite material mark-to-market losses on its fixed income portfolio, we expect the club will maintain its current excess of capital at the 'AAA' level over 2023-2025 through solid underwriting results and improved investment margins. We therefore revised the outlook on Steamship to stable from negative and affirmed the 'A' ratings. The stable outlook indicates that we expect Steamship to continue recording close to breakeven underwriting results. On Aug. 9, 2023, S&P Global Ratings revised to stable from negative its outlook on Steamship Mutual Underwriting Association (Bermuda) Ltd. and Steamship's other operating companies: The Steamship Mutual Trust,

...To From Financial strength rating A/Stable A/Negative Anchor* a A Business risk Strong Strong IICRA Intermediate Intermediate Competitive position Strong Strong Financial risk Strong Strong Capital and earnings Very Strong Very Strong Risk exposure Moderately High Moderately High Funding structure Neutral Neutral...

Research Update