S&P Global Ratings assigned the A financial strength rating to Steamship Mutual Underwriting Association (Europe) Ltd.
The outlook is stable, reflecting the rating agency's outlook on Steamship Mutual Group. The outlook also mirrors the outlook on the group's other core entities.
The rating reflects the rating agency's view that the company is considered a core entity of Steamship Mutual Group. The group established the European entity to ensure that it can continue to offer insurance to its EU-based members when the U.K. leaves the bloc in 2020, according to the rating agency.
The rating agency does not expect Cyprus-based Steamship Mutual Europe to be constrained by the sovereign rating of Cyprus because its investment portfolio and cash balances will have no exposure to Cypriot securities and banks. S&P Global Ratings expects that the company will maintain its investment policy over the long term.
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.