Best’s News & Research Service - May 01, 2026 04:36 PM (EDT)
AM Best Assigns Credit Ratings to American Steamship Owners Mutual Protection and Indemnity Association, Inc.
- May 01, 2026 04:36 PM (EDT)
//BestWire// - AM Best has assigned a Financial Strength Rating of B+ (Good) and a Long-Term Issuer Credit Rating of “bbb-” (Good) to American Steamship Owners Mutual Protection and Indemnity Association, Inc. (American Club) (New York, NY). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect American Club’s balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).
American Club’s balance sheet strength assessment is underpinned by risk-adjusted capitalization at the strong level at year-end 2025, as measured by Best’s Capital Adequacy Ratio (BCAR). The company’s balance sheet strength assessment is also supported by a prudent reserving approach and sound liquidity. American Club benefits from its membership in the International Group of Protection & Indemnity (P&I) Club’s pooling agreement and shared reinsurance program, which allows it to provide the large insurance cover limits required by ship owners.
At year-end 2025, American Club reported an overall surplus of USD 65.5 million primarily driven by healthy investment income. American Club reported a combined ratio of 102.1% for the year, reflecting a slightly improved loss experience from prior year. AM Best expects the company’s prospective underwriting performance to remain supportive of the adequate assessment, despite being subject to volatility due to potential large claims exposures. American Club’s investment performance is also subject to volatility given its exposure to common stocks.
American Club is a specialist marine insurer, focused on mutual P&I business, with some diversification into other marine lines, and with business written around the world. AM Best views the company’s ERM practices as appropriate for the scale and scope of its operations.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings (BCR), Best’s Performance Assessments (PA), Best’s Preliminary Credit Assessments (PCA) and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.