S&P assigns rating to London P&I Insurance Co. (Europe)

S&P Global Ratings assigned the BBB long-term financial strength rating to Cyprus-based London P&I Insurance Co. (Europe) Ltd.

The outlook is negative, mirroring that on the company's parent, London Steam-Ship Owners' Mutual Insurance Association Ltd.

The U.K. ship insurer set up London P&I Insurance to ensure access to the EU market and continue writing business in Europe following Brexit.

The rating agency equalizes its ratings on London P&I Insurance with that on its parent as it expects the Cyprus-based subsidiary's operations to be fully integrated with London Steam-Ship. London P&I Insurance will cede about 90% of its business to the U.K.-based parent and is expected to hold minimal investments in Cyprus, resulting in negligible exposure to the country.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.