Highlights
Overall claims for the 2024/25 policy year are higher than budgeted
Claims development for prior years remains better than budget expectations
The Club’s financial year-end combined ratio may exceed break-even due to increased 2024 policy year claims projections
After 10 months the Club recorded an investment return of US$71 million
Owned tonnage has increased by 6.9% in the 10 months to 20 December
The Club has a long standing relationship with the China P&I Club (CPI) with an entry of approaching 600 vessels. A number of CPI senior management have been Steamship Mutual Directors and current CEO, Dr. Chungfeng Song, is currently on our Board.
Steamship Bermuda Club Chair Ms Doris Ho noted in her speech at the Club’s Shanghai reception:
“Steamship Mutual is a Club with a strong Asian focus with Asian Members comprising over 40% of our entered tonnage. Chinese owned and controlled vessels, entered through CPI have contributed significantly to Steamship’s success”.
“Throughout the years, CPI and Steamship have supported each other, with trust, reliability and integrity. Both organisations’ dynamic teams have unparalleled problem-solving skills and legal expertise needed in today’s increasingly complex and risk-filled maritime environment.”

Club CEO, Jonathan Andrews, said:
“The Club is entering the last few weeks of the policy year in a strong position with a growing, diverse and quality Membership. The financial position will strengthen further at year end even after the forthcoming US$43 million capital distribution.”


(Left to Right) Mr. Liu Yutong, Eric Wu (SSM) Dr. Song Chunfeng (MD CPI), Mr Xiao Junguang (SSM Director), Mr Alan Tung (SSM Director), Mr. Xu Lirong (CPI Chairman), Ms Doris Ho (SSM Chair), Jonathan Andrews (SSM), Dr Wu Chao, Mr Gong Xiqian
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