The ratings on Bermuda-based marine mutual protection&indemnity (P&I) association Gard P&I (Bermuda) Ltd. and its Norway-based sister mutual club Assuranceforeningen Gard - gjensidig - (collectively known as Gard P&I or the club) and Bermuda-based Gard Marine&Energy Ltd. and Sweden-based Gard Marine&Energy Forsäkring AB (collectively known as Gard M&E), reflect the companies' core status as principal operating entities of the Gard group (Gard). The major rating factors are Gard's very strong competitive position, strong underlying operating performance, and strong financial flexibility. Standard&Poor's Ratings Services believes, however, that volatility will remain a weakness in Gard's financial profile because of the prevailing level of financial and underwriting risks, although we believe these will be within
