Standard & Poor's has revised its outlook on Norway-based mutual insurer Norwegian Hull Club (NHC), formerly Bergen Hull Club, from negative to stable.
A director at Standard & Poor's Financial Services Group in London, Stephen Searby, said: "The outlook revision is based on the improvements in marine insurance premium rates seen in 2001 and so far in 2002 and the expectation that further increases will occur in 2003."
Despite the underwriting losses sustained by NHC during the past three years, the club's operating performance through the underwriting cycle had remained good and capital adequacy had remained "very strong", S&P said.
