West rating

Rating agency AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of "a-" (Excellent) to West of England Ship Owners Mutual Insurance Association (Luxembourg). The outlook is stable. The agency said that the ratings reflected West's balance sheet strength, which it assessed to be very strong, as well as its "adequate operating performance, neutral business profile and appropriate enterprise risk management". It added that, following a period of underperformance, West's underwriting results improved for year-end February 2023, resulting in a combined ratio of 97 per cent (with the prior year's ratio being 114 per cent).