AM Best Affirms Credit Ratings of Sveriges Ångfartygs Assurans Förening (The Swedish Club)
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of a- of Sveriges Ångfartygs Assurans Förening (The Swedish Club) (TSC or the Club) (Sweden). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect TSC s balance sheet strength, which AM Best categorises as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
TSC s balance sheet strength is underpinned by risk-adjusted capitalisation at the strongest level, as measured by Best s Capital Adequacy Ratio (BCAR). The Club s free reserves increased by 9.1% during 2019 and have grown at an annual compound rate of 4.9% between 2015 and 2019. TSC maintains a good liquidity profile, with liquid assets representing 173% of net technical provisions at year-end 2019.
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