West of England P&I Club Earns Market Recognition for Technical Expertise and Strong Underwriting Performance

As of the fiscal year ending 20 February 2026, the Club’s annual combined ratio stood at 98%.

West of England P&I Club has been formally assigned an ‘A-’ financial strength rating by Standard & Poor’s, with a stable outlook.

Tom Bowsher, Chief Executive Officer of the West of England P&I Club Group

S&P Global Ratings noted that the Club’s operating performance has continued to improve in recent years, with multiple metrics outperforming its peers within the International Group (IG). The ‘A-’ rating also affirms the Club’s significantly enhanced capital strength – with surplus capital remaining sufficient even at the 99.99% confidence level under S&P’s rating model.

Tom Bowsher, Group Chief Executive Officer of West of England, commented: “The Club’s underwriting performance has improved markedly in recent years. As of the previous fiscal year-end (20 February 2026), our combined ratio has outperformed the IG peer average for five consecutive years. We are very pleased that this achievement has been independently recognised by S&P following a comprehensive rating review covering both historical results and future prospects.”

Mr Bowsher added: “Strong underwriting performance, combined with a more favourable investment environment in recent years, has driven the Club’s free reserves to a record high of USD 377 million. It is on the strength of this robust capital base that the Club has met the target capital level set by S&P Global Ratings’ capital model.”

As of 20 February 2026, West of England’s solvency ratio had risen to approximately 195%, and is expected to remain at that level for the current fiscal year (ending 20 February 2027). The Club projects annual gross written premiums of approximately USD 450 million across its diversified marine risk portfolio.