On Nov. 15, 2023, we published our revised criteria for analyzing insurers' risk-based capital (see "Criteria | Insurance | General: Insurer Risk-Based Capital Adequacy--Methodology And Assumptions").
The revisions had no material impact on our view of the financial strength of marine insurer NorthStandard Ltd. We therefore affirmed our 'A' ratings on the insurer and its subsidiaries.
The stable outlook indicates that we expect NorthStandard to maintain capital adequacy in line with our 99.99% confidence level under our model and that its underwriting results will be close to or better than breakeven over the next 12-24 months.
On Feb. 23, 2024, S&P Global Ratings affirmed its 'A' financial strength and issuer credit ratings on NorthStandard Ltd., NorthStandard Re Ltd., The Standard Club UK Ltd., and The Standard Club Asia Ltd.
At the same time, we affirmed our financial strength ratings on NorthStandard EU DAC (previously North of England P&I DAC) and The Standard Club Ireland DAC.
The outlooks on all these ratings are stable.