West P&I, a mutual marine insurer providing protection and indemnity (P&I) and other specialist insurance cover to the global shipping industry, has received an A- Financial Strength Rating from S&P Global Ratings, with the ratings agency assigning a stable outlook.
The rating follows a sustained improvement in its underwriting performance, with the insurer reporting a combined ratio of 98.0% for the financial year ending 20 February 2026.
In its assessment, Standard & Poor’s said West P&I has strengthened its operating performance in recent years, enabling it to outperform many of its International Group peers across several key measures.
The ratings agency also said the A- rating reflects the insurer’s stronger capital position, supported by the level of surplus it maintains at the 99.99% confidence level under S&P’s capital adequacy model.
Tom Bowsher, Group CEO of West P&I, commented: “There has been a material improvement in West’s technical performance and the year-ending 20 February 2026 was the fifth year in a row that the Club’s combined ratio has been better than the average of our IG peers. We are delighted that this positive progress has been independently recognised by Standard and Poor’s following a comprehensive rating review process that considers both past and prospective performance.”
Bowsher said the stronger underwriting results, together with favourable investment conditions, had also contributed to the insurer’s capital growth. “This improved technical performance and recent favourable investment environment have driven the Club’s Free Reserve to its highest ever level of USD 377 million, and it is this increased Free Reserve that has enabled the Club to meet its target level under the S&P Global Ratings capital model.”
West P&I said its solvency coverage ratio increased to 195% as at 20 February 2026. For the financial year ending 20 February 2027, the insurer expects to write gross premiums of around USD 450 million across its diversified marine insurance portfolio.
