Rating change

In December 2018 The London P&I Club was rated by Standard & Poor’s (S&P) as BBB with a stable outlook. This was re-affirmed on 4 June 2019. Subsequently, S&P has published a new Insurance Rating Methodology and its application has maintained the rating of BBB but now attaches a negative outlook. Ian Gooch, CEO of the club’s managers (A Bilbrough & Co Ltd) said: “We have enjoyed a ‘stable outlook’ for many years and so have questioned S&P over the application and process of its new methodology. We believe there are a number of questions that require clarification and we will continue to engage them with a view to restoring our previous rating.”