West P&I received an A- rating from S&P, citing a 98% combined ratio and a free reserve of $377 million, with a stable outlook.
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West P&I, a mutual marine insurer covering protection and indemnity and other specialist lines for global shipping, received an A- Financial Strength Rating from S&P Global Ratings. The ratings agency assigned a stable outlook.
The rating follows sustained improvement in underwriting. West P&I reported a combined ratio of 98% for the financial year ending Feb. 20, 2026.
Standard & Poor's said the insurer has strengthened operating performance in recent years, outperforming many of its International Group peers across several key measures. The A- rating also reflects a stronger capital position, the agency added, supported by surplus maintained at the 99.99% confidence level under S&P's capital adequacy model.
Group CEO Tom Bowsher said the improvement has been material. “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,” he said. “We are delighted that this positive progress has been independently recognised by Standard and Poor’s.”
Bowsher noted that stronger underwriting results and favorable investment conditions drove the club's free reserve to its highest ever level of $377 million. That increase, he said, enabled West to meet its target under the S&P capital model.
West P&I's solvency coverage ratio rose to 195% as of Feb. 20, 2026. For the year ending Feb. 20, 2027, the insurer expects to write gross premiums of around $450 million across its diversified marine portfolio.
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