West P&I, a maritime mutual insurance company that provides protection and indemnity (P&I) and other specialty insurance to the global shipping industry, has received an A- financial strength rating from S&P Global Ratings, with the ratings agency giving it a stable outlook.
The rating follows continued improvement in its underwriting performance, with the insurer reporting a combined ratio of 98.0% for the year ended February 20, 2026.
In its assessment, S&P said West P&I has strengthened its operating performance in recent years, allowing it to outperform many of its international group peers on a number of key metrics.
The ratings agency also said the A- rating reflects the insurer’s stronger capital position, supported by its surplus level that remains at a 99.99% confidence level under the S&P capital adequacy model.
West P&I Group CEO Tom Bowsher commented: “West’s technical performance has improved materially, with the club’s combined ratio outperforming the IG peer average for the fifth consecutive year in the financial year to 20 February 2026. We are pleased that S&P has independently recognized this positive development following a comprehensive ratings review process that considers past and future performance.”
Stronger underwriting results and favorable investment conditions also boosted capital growth for insurers, Bowscher said. “Improving technical performance and the recent favorable investment environment have brought the club’s free reserves to an all-time high of $377 million, and it is this increased free reserves that has enabled the club to achieve target levels under the S&P Global Ratings capital model.”
West P&I said its solvency coverage ratio had increased to 195% as of February 20, 2026. In the financial year ending February 20, 2027, the insurer expects gross written premiums from its diversified marine insurance portfolio to be approximately $450 million.
