Steamship Mutual Management Highlights 2012

Press Release

London, 25 June 2012

MH2012CoverPRWeb

Steamship Mutual, a leading P&I Club, has released its 2012 Management Highlights. This includes an introduction from the Club’s Chairman, Heinrich Schoeller, and a statement from the CEO, Gary Rynsard.

“A time of many challenges for the shipping business”.
Heinrich Schoeller

“A year of consolidation in a difficult economic environment”.
Gary Rynsard

Summary of Results

  • Free reserves reduced by 2.5% to US$ 295.8 million.
  • Three year average combined ratio 99.6%.
  • Total entered tonnage rises to approximately 93 million GT.
  • Rise in claims matches increase in Club’s entered tonnage.
  • Combined gain on investments of US$ 36.02 million, 4.2%.

 

In light of the difficult economic environment the financial performance of the Club was satisfactory. The capital position is strong, albeit with a marginal reduction in free reserves, mainly due to a small deterioration in back year claims estimates. The level of prudence in back year estimates anticipates an occasional deterioration, and free reserves are there precisely to ensure resilience in the Club’s capital when volatility occurs.

 

…Ends…

 

 Note to Editors: Additional photography and comments are available upon request   

 

Press contact:

Jacqueline Callard
Steamship Insurance Management Services Limited
+44 (0) 20 7650 6515 (direct)
jackie.callard@simsl.com
 

About Steamship Mutual

Steamship Mutual (managed by Steamship Insurance Management Services Limited) is a leading provider of Protection & Indemnity (P&I) insurance. As one of the largest P&I Clubs in the International Group, Steamship Mutual insures a diverse range of shipping around the globe, for both shipowners and charterers.

Steamship Mutual offers a comprehensive range of P&I products and ancillary covers. The Club consistently delivers a first-rate service to its Members, providing high quality professional claims management and services, backed by a stable financial position and strong free reserves.

With offices in London, Bermuda, Greece, Hong Kong, Brazil and correspondents in every major shipping port worldwide, Steamship Mutual employs highly professional and experienced staff including qualified lawyers, ex-senior mariners, and specialist insurance and claims experts.

For further information visit: www.simsl.com