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Steamship irate over AM Best's rating decision.
(From Lloyds List)
Byline: Mutual brands downgrading as 'an overreaction', writes James Brewer
STEAMSHIP Mutual, one of the top P'I insurers, has responded sharply to a rating downgrade from AM Best, calling the move 'an over- reaction'.
The agency lowered the rating to B++ (good) from the A- (excellent) treasured for the past few years.
In a rare public clash between insurer and rating agency a statement from the mutual said: 'This reduction appears to be an over-reaction to the unusually high level of claims which the club has been reporting since last July, and the consequent projected underwriting deficit in the 2006-2007 policy year.
'The directors and managers of the club believe strongly that this action reflects a particularly short-term view of the effect of these 2006 year claims on the club's undoubtedly robust financial condition.'
The club is projecting it will return to a pure underwriting surplus from now on with further growth in free reserves, even if high levels of claims are still generated by the strong shipping market.
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