Press Release - Renewal Strengthens Steamship Mutual's Financial Position
The Managers of Steamship Mutual are pleased to announce a successful renewal which will continue to strengthen the Club’s financial position.
Gary Field, Head of Underwriting, noted that at the close of the 2022 policy year, the Club’s owned tonnage was 115.6 million. When the renewal gains and losses are taken into account, net growth for the year is 6.5 million owned GT which amounts to an annual increase of approximately 5.9 %.
A number of quality new Members, both owned and chartered, have joined the Club and we have also experienced consolidation within entries of existing fleets from other IG Clubs. In total, new owned business joining the Club amounts to US$11.3 million and 2.9 million GT.
As always the Club appreciates the support of both Members and brokers during the renewal season.