The carrier reported rate rises of 3 percent in H1, with rate growth in North America of almost 7 percent.
The CFO attributes the 0.5 percent risk-adjusted rate rise to the diversity and size of its portfolio.
The club, which retains its BBB financial strength and issuer credit ratings, pledges to engage with the ratings agency to reverse the outlook change.
The carrier will continue to write more long-tail business to manage down its cat exposure.
