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. One of the larger International Group of P&I Club (IG) members by premium and gross tonnage, benefiting from strong, long-standing relationships with members Lack of diversification outside its main product line, P&I, similar to most peers. More conservative investment portfolio than the majority of its protection and indemnity (P&I) peers. Operating profitability lagging the IG average in recent years. We expect Steamship will maintain its robust position in the global P&I market. In S&P Global Ratings’
