Steamship Mutual Underwriting Association Limited
Steamship London was established in London in 1909, and underwrote mutual P&I and Freight, Demurrage and Defence cover (FD&D) until 1974. As at 20th February 1975, the majority of its P&I Membership transferred to Steamship Bermuda. Steamship London ceased underwriting P&I (Class 1) and FD&D (Class 2) cover for a period with effect from 20th February 1977, but continued to handle the "run-off" of claims arising up to that date. Steamship London again underwrote Class 2 cover from 20th February 1985 until 20th February 1987 when the Club ceased all active underwriting. Thereafter Steamship London continued to run-off its own claims and to act as the London Representative of the Managers of the Bermuda Club until 20th February 2000 when the decision was taken to re-establish it as an active underwriter. Steamship London recommenced its original role as an active insurer of both Class 1 and Class 2 risks with effect from 20th February 2003. In 2015 Steamship London took on the (re)insurance business of Steamship Bermuda via a Scheme of Arrangement in Bermuda and a Part VII Transfer in the U.K..
Current Members of Steamship London are automatically also Members of Steamship Bermuda and consequently beneficiaries of the Steamship Mutual Trust.
From 1975, Steamship London undertook the role of London representative to the Managers of Steamship Bermuda in addition to underwriting and claims handling activities on its own account. With effect from 20th February 2000 Steamship London ceased to act as London representatives. This role was transferred by the Managers of Steamship Bermuda to Steamship Insurance Management (SIM). Steamship London also employed SIM as Managers with effect from 20th February 2000. On 21st August 2012 the business of SIM was transferred to Steamship P&I Management LLP (SPIM) who now act as the Managers.
Steamship London is a Member of the International Group of P&I Clubs, and as such its excess loss reinsurance programme is arranged through the International Group Reinsurance Pool, the Hydra facility and the International Group Excess Loss Reinsurance Contract. Steamship London purchases certain reinsurance from Steamship Bermuda.
SPIM has appointed representatives in London (Steamship Insurance Management Services Limited), Hong Kong (Steamship Mutual Management (Hong Kong) Limited), Japan, Limassol, Piraeus and Rio.
The Board of Directors of Steamship London is largely comprised of active shipowners some of whom are or were also Directors of Steamship Bermuda and is currently under the Chairmanship of Mr. A. Pohan.
