Affirmed ‘BBB+’ Rating Reflects Strengthened Capital Base and Sustained Performance Improvements Home / News / Press Release / The Swedish Club Outlook Upgraded to Positive by S&P Global Ratings Press Release The Swedish Club Outlook Upgraded to Positive by S&P Global Ratings 12 December, 2025 Affirmed ‘BBB+’ Rating Reflects Strengthened Capital Base and Sustained Performance Improvements Gothenburg, Sweden – 11 December 2025 — The Swedish Club is pleased to announce that S&P Global Ratings has revised the Club’s outlook to Positive from Stable and affirmed its ‘ BBB+ ’ long-term financial strength and issuer credit ratings. The action reflects the Club’s improved technical performance, reinforced capital strength, and the effectiveness of the strategic measures undertaken over recent years. Capital Strengthening and Performance Outlook S&P reports that The Swedish Club’s capital position has strengthened to the 99.95% confidence level and is expected to reach a sustainable surplus at the 99.99% level over the next two years. S&P further notes that the Club is “expected to achieve performance metrics at or exceeding the average of the International Group of P&I Clubs (IG).” Sustained Technical Improvements The Club’s combined ratios of 98% for 2024 and 97% for the first half of 2025 demonstrate the outcome of a multi-year effort to improve portfolio quality, refine pricing adequacy, and reduce volatility. This progress is the result of a deliberate tightening of underwriting standards and clear financial discipline, ensuring stability across both the risk and investment portfolios. The Club is on track to restore capital above S&P’s highest 99.99% benchmark, reinforcing resilience for the years ahead. Statement from The Swedish Club Thomas Nordberg, Managing Director, commented: “This recognition from S&P underlines the strength of our strategic direction and the sustained effort we have invested in strengthening our performance and c