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The rating agency went on to say that it expected the company to exceed expectations in underwriting performance and profit before tax for the 2022 financial year. In their press release, the rating agency noted that the capital levels of Gard remain robust and estimates that the company's excess of capital above the 'AAA' benchmark had grown by the year end in February 2022.

Gard is currently the only club among the 13 P&I clubs in the International Group of P&I Clubs with an A+ rating.

Read the Standard & Poor's press release