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S&P upgrades West P&I to A- with stable outlook
West P&I posted a 98.0% combined ratio for the year ending Feb. 20, 2026 and said its free reserve rose to a record USD 377 million.
West P&I, the mutual marine insurer serving the global shipping industry, received an A- Financial Strength Rating from S&P Global Ratings, along with a stable outlook.
S&P tied the upgrade to West P&I’s sustained improvement in underwriting performance, including a combined ratio of 98.0% for the financial year ending Feb. 20, 2026. The agency also said the rating reflects a stronger capital position supported by the surplus West P&I maintains at a 99.99% confidence level under S&P’s capital adequacy model.
West P&I said the move follows five consecutive years in which its year-ending combined ratio was better than the average of International Group peers. The insurer added that improved technical results and favorable investment conditions helped lift its Free Reserve to its highest level ever, USD 377 million.
The insurer also reported that its solvency coverage ratio increased to 195% as of Feb. 20, 2026. For the financial year ending Feb. 20, 2027, West P&I expects to write around USD 450 million in gross premiums across its diversified marine portfolio.