Corporate Governance

The Clubs

Steamship Mutual Underwriting Association Limited (“SMUAL”) and Steamship Mutual Underwriting Association (Europe) Limited (“SMUAE”) are mutual Protection and Indemnity Associations, otherwise known as P&I Clubs.

The Clubs are members of the International Group of P&I Clubs and participants in the International Group Pool along with Steamship Mutual Underwriting Association (Bermuda) Limited.

The Clubs have appointed Managers who are responsible for the day to day handling of claims and the administration of the Club's financial and underwriting functions in accordance with the policies laid down by the Directors and using representatives in Hong Kong, Singapore, Limassol, Rio de Janeiro and Piraeus.

Further information relating to certain companies can be found below:

Boards of Directors

For details of the composition of the Boards and Committees of the following Steamship companies please select the relevant link below:

Financial Regulators

Steamship Mutual Underwriting Association Limited is authorised by the United Kingdom Prudential Regulatory Authority and regulated by the United Kingdom Financial Conduct Authority and Prudential Regulatory Authority (FCA and PRA registration number 202548).

Steamship Mutual Underwriting Association (Europe) Limited is authorised by the Insurance Companies Control Service (ICCS registration number 181).

Steamship P&I Management LLP (FCA registration number 597046) is an appointed representative of Steamship Insurance Management Services Limited which is authorised and regulated by the United Kingdom Financial Conduct Authority (FCA registration number 314468).

Steamship Mutual Underwriting Association (Bermuda) Limited and The Steamship Mutual Underwriting Association Trustees (Bermuda) are authorised by the Bermuda Monetary Authority.

The Financial Conduct Authority Limited: www.fca.org.uk
The Prudential Regulation Authority: www.bankofengland.co.uk/pra
Bermuda Monetary Authority: www.bma.bm
Insurance Companies Control Service: http://mof.gov.cy

The Steamship Insurance Management Services Limited Pension and Assurance Scheme

Statement of Investment Principles - September 2020

Implementation Statement 

Steamship Mutual Diversity Policy

The Board has approved a Diversity Policy setting out its approach to and the principles relevant to diversity in the composition of its Board. In doing so, the Board is mindful that it works with a diverse group of Members, correspondents, brokers, advisers, Managers and their employees.

Included in the key principles are:

  • Culture: The Board supports diversity in its composition to ensure its ability to call on a wide range of talent, skill, knowledge and experience.
  • Diversity factors: The Board acknowledges the importance of diversity factors including qualifications, background and experience as well as race, gender and age.
  • Areas of activity: Under ideal conditions the combined skills of the Board comprise: insurance and shipping industry experience; and knowledge and expertise in accounting, actuarial, financial, legal, actuarial, risk management and other disciplines as they relate to shipping and P&I/FD&D insurance. This skill mix enables the Board to effectively review and challenge business decisions and ensure diversity of approach, the safety and soundness of Steamship and the protection of its mutual and non-mutual members.
  • Recruitment: When recruiting Board members, consideration is given to the skills, competencies and background of existing Board members to ensure that any gaps which may arise are properly addressed.

In addition, Board members are required to be fit and proper in accordance with relevant regulation.