Skuld, a leading marine insurer, today announced that international rating agency Standard & Poor’s (S&P) has affirmed its ‘A’ rating with stable outlook based on its strong performance in the P&I market and demonstrated ability to deliver profitable growth through diversification.

“The ratings reflect our view of the company’s strong risk profile and moderately strong financial risk profile, built on a strong competitive position and moderately strong capital and earnings,” the S&P statement, issued on 17 July 2013, said.

“Skuld has a strong competitive position stemming from its membership of the International Group and also from its increasing brand reputation and sector-leading operating performance. Skuld has set up its own Lloyd’s of London syndicate, enabling Skuld to provide its members with a wider range of marine-related insurance products – for example, hull and machinery, cargo and energy,” the statement added.

Douglas Jacobsohn, President and CEO of Skuld, said: “This is a strong validation of our position as leader in class, and the investment we have made in diversification. Our financial position is now stronger than ever, enabling us to provide our members with increased security and new services. Through its diversification, the Skuld group is a strong platform prepared for future commercial growth.”

S&P upgraded Skuld to ‘A’ with ‘stable’ outlook in June 2012.