On 15 August 2016 Standard & Poor's Ratings Services reaffirmed its 'A' rating on Assuranceforeningen Skuld (Gjensidig). The outlook is stable. Rationale Business Risk Profile: Strong Membership of the International Group (IG) of protection and indemnity (P&I) clubs provides market access. One of the most diversified of its IG peers, including a Lloyd's syndicate. Strong brand reputation and operating performance. Financial Risk Profile: Strong Capital adequacy will likely remain above or only just below the 'AA' level. The P&I sector is inherently volatile. The IG joint reinsurance program helps to manage exposure. Less-volatile operating performance than most of its IG peers.