Our Management Highlights report is published this week providing the Members with our 2024/25 financial results. It provides an insight into our underwriting approach, a review of claims, loss prevention initiatives, sanctions compliance, and our commitment to sustainability—providing Members and brokers with a transparent view of how we are shaping the Club’s future.
As the Club Chairs reflect on the previous past year, they commented;
“Steamship Mutual stands out as one of the best providers in the market. Our commitment to mutuality and to standing alongside Members in difficult times keeps the relationship special. We see P&I insurance as more than just a commodity, and we’re grateful for the loyalty to the Club as shown each renewal season.”
“The Club’s financial position remaining consistently strong with free reserves stable at $537 million, further confirming S&P’s ‘A’ rating of the Club. Again this year, a capital distribution of $42.8 million to renewing Members, sees total funds returned to Members in the last nine years to $157 million, a demonstration of our mutual ethos in action. Growth in quality new Members enhanced the Club’s standing with total entry (including chartered business) of 277 million tonnes, further demonstrating that Steamship Mutual is the Club of choice”.
“Rather than move into new and different areas of insurance, we concentrate and focus on what we do well. We find ways to improve. And we are never complacent.”
“When the industry is under intense scrutiny and ever-increasing demands, the strength of the IG cannot be underestimated. 2025 will no doubt see ongoing reliance on that collective strength to support shipping in the face of trade disruption and further geopolitical threats”.
Club CEO, Jonathan Andrews, said in his review of the year:
“In 2024 the number of large claims was a notable feature of the experience. Whilst the impact of these events will be seen in the
underwriting result, these losses also represent a challenge and opportunity for the Club to demonstrate its excellence in casualty response and claims handling.”
Click here to read the full report now.
