Following Standard & Poor’s revision of the Club in May 20th, 2005, Standard & Poor’s has in July 2005 decided to upgrade the Club to BBB from BBB-. The outlook is Stable.

‘”The upgrade reflects further improvements in operating performance and our perception of stronger underwriting discipline,” said Standard & Poor’s credit analyst Thorbjørn Børs. The ratings on The Swedish Club also reflect the club’s good capitalization, good competitive position, and strong financial flexibility (defined as the ability to source capital relative to needs).’

S&P’s full press release can be viewed at their web site:

https://www.europeinsurance.standardandpoors.com

---

For further information, please contact The Swedish Club
Claes Lindh, Director Underwriting, Tel: +46 31 638 400
E-mail: claes.lindh@swedishclub.com

---