Steamship Mutual Underwriting Assn. (Bermuda) Ltd. (The)

This report does not constitute a rating action. Overview Key strengths Key risks Significant surplus of capital above the 99.99% confidence level under our capital model. Exposed to volatility in its earnings through fluctuations in claims frequency and severity common to the P&I market. Disciplined approach to underwriting and strong brand name supports Steamship's competitive position. Like most of its peers, Steamship remains undiversified outside its main product line, P&I. More conservative investment portfolio than most of its protection and indemnity (P&I) peers. In S&P Global Ratings? view, Steamship?s continued focus on customer service will support strong retention and maintain its relationships with members and brokers, underpinned by its recognized brand and service capabilities. Based on the combined results of

...We expect Steamship will maintain its position in the global P&I market. In S&P Global Ratings' view, Steamship's continued focus on customer service will support strong retention and maintain its relationships with members and brokers, underpinned by its recognized brand and service capabilities. Although Steamship recorded an underwriting loss, we expect its net combined (loss and expense) ratio to improve to 100%-105% within the next 12-24 months. Based on the combined results of Steamship's core subsidiaries, the combined ratio for fiscal 2025 (ended Feb. 20, 2025)...

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