Membership of International Group of Protection and Indemnity Clubs (IG) facilitates market access and supports the competitive position. One of the larger protection and indemnity (P&I) clubs, by gross premium, and a market leader in the cruise ship sector. Like its peers, longstanding relationships contribute to a high member retention rate. Strong earnings improved capital adequacy levels to extremely strong. P&I sector is inherently volatile, but the IG's pooling and reinsurance arrangements help to manage exposure. We have revised the club's enterprise risk management assessment upward to adequate with strong risk controls. We have elected to assign the lower of the two anchors implied by our assessments of the club's business and financial risk profiles to reflect the club's short
