S&P Global Ratings (S&P), the pre-eminent corporate ratings agency, has upgraded its rating to ‘A- with stable outlook’ for Alandia Insurance in its latest report.
The rationale of the upgrade is an overall strengthened financial risk profile after de-risking the investment portfolio over the last two years. A key rating strength for Standard & Poor is Alandias’s capital adequacy at a substantially redundant AAA level according to the rating agency’s risk-based capital model. The rating also reflects a sound underwriting-focused business growth strategy.
S&P continues in its report with: ‘We consider that Alandia enjoys a good competitive position in its markets. In our view, Alandia’s proven expertise in the Finnish and Swedish marine insurance markets, in which we believe the group has built a strong reputation, underpins its competitive position. Marine hull is its core business line, with a leading position in small & medium sized vessels in both Finland & Sweden, supported by a sound position in yacht insurance. Local presence, loss prevention and claims service are Alandia’s key drivers behind its growth and high retention levels in these two business lines.”
Commenting on the positive rating news, CEO Tony Karlström expresses that “the rating action follows a very conscious and systematic process for Alandia to de-risk its investment portfolio in multiple ways over the last few years. The upgrade to A- will naturally help us to approach new customers, brokers and segments that for different reasons have formal requirements of an A- rating on their counterparts as well as assist our business model of being a claims lead partner for our insured ship-owners. Going forward we will do our utmost to keep the achieved rating level and confirm ourselves as the reliable business partner we are.”
For further information please contact:
Tony Karlström, CEO
+358 18 29 000
Alandia Insurance is an insurance group based on the Åland Islands with strong connections to the shipping industry. The parent company, Försäkringsaktiebolaget Alandia, was founded in 1938 to primarily service the local ship owning community, and has since then developed to become one of the leading marine insurers in the Nordic region. Alandia offers today a wide range of insurance products primarily catering to the maritime industry, e.g. Hull & Machinery, Loss of Hire, Protection & Indemnity, Yacht and Cargo insurance. The operation spans the Nordic market and the Baltic States as well as, more recently, also international markets.