Following West’s very strong balance sheet, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management, AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to West of England Ship Owners Mutual Insurance Association (West or WOE) (Luxembourg). The outlook assigned to these Credit Ratings (ratings) is stable.

Considering the Members’ improved claims performance for Policy Year 2023 compared to the last three Policy Years, the Club’s Pool share being at its lowest since 2015, and a combined loss ratio of 96.7% at 20 February 2023, the Club is confident about the strenghtening of its capital position.

Full details of the announcement and release by AM Best is available on the Club’s website.