News
26 Sep, 2024
West A- rating, stable outlook re-affirmed by AM Best
Francis Corrigan
Chief Financial Officer
West P&I has again been assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) by AM Best. The outlook assigned to these Credit Ratings (ratings) is stable.
AM Best commented upon West’s third consecutive year of improved underwriting results and the 94.5% combined ratio achieved in the year-ending 20 February 2024, stating that the improvement in results follow actions taken by management. AM Best commented further that the A- (Excellent) rating reflects West’s “very strong” balance sheet strength which is underpinned by risk-adjusted capitalisation at the strongest level at year-end February 2024, as measured by Best’s Capital Adequacy Ratio.
West’s solvency coverage increased to 195% at 20 February 2024 and the Club writes gross premium of c. USD 345m across its diversified portfolio of marine risks.
More details can be found on AM Best's website here.