On 30 June 2015, Standard & Poor's Ratings Services reaffirmed its 'A' rating on Norway-based marine insurer Assuranceforeningen Skuld (Gjensidig). The outlook is stable. Excerpt from the report, 'Rationale':  Business risk profile: Strong Membership of the International Group of P&I Clubs (IG) provides market access. Skuld is the only P&I Club having its own Lloyd's of London syndicate and a managing agent, which enables itto provide its members with a wider range of marine-related insurance products. One of the most diversified of its IG peers. Increasing brand reputation and sector-leading operating performance. Longstanding relationships with members.  Financial Risk Profile: Strong Capital adequacy will likely remain above or only just below the 'AA' level. Protection and indemnity (P&I) sector is inherently volatile. IG joint reinsurance program helps to manage exposure. Sector-leading operating performance a ratings strength and a key differentiator. Less-volatile operating performance than most of its IG peers'.