Steamship Mutual has reaffirmed its long-term financial strength and commitment to mutual principles following its Board meeting held in Tokyo on 27 January 2026, underlining its focus on protecting Members’ interests through stability and fairness.
The Board reviewed the claims experience across the Club, noting that the current policy year has seen higher-than-expected claims, reflecting wider trends in the P&I market. Whilst this environment presents short-term pressures, recent claims development has been more stable, and the Club’s approach remains firmly focused on long-term resilience.
Steamship Mutual’s vision is designed to share risk and reward fairly across the year. In years of favourable experience, capital can be returned to Members; in more challenging periods, the priority is to reinforce the Club’s collective strength. The Board agreed that retaining capital at this stage is a prudent and principled decision, ensuring the Club remains well-positioned to meet claims, support Members and provide security when it matters most.
The Club’s financial position remains robust. Strong investment performance, with returns of US$83 million over the first ten months of the financial year, alongside the reaffirmation of an “A” rating with a Stable outlook from S&P Global, reflects the strength of the Club’s financial position, and its disciplined approach to underwriting. Whilst the combined ratio for the 2025/26 financial year is expected to exceed break-even, the Board anticipates a recovery in 2026/27 as the Club’s long-term strategy continues to take effect.
Membership growth has continued, with owned tonnage increasing by 4.3% to over 140 million gross tonnes. In Japan, Steamship Mutual continues to build enduring relationships with owners, operators and brokers, reflecting a long-term commitment to the market.
Speaking following the Board meeting in Tokyo, Jonathan Andrews, Chief Executive Officer of Steamship Mutual, said:
“Mutuality means taking decisions with the long term in mind. Our focus is not on short-term optics, but on ensuring that Members can rely on us year after year—for claims support, for financial security, and for the confidence that their Club will stand alongside them.”
The Board also reaffirmed the Club’s belief that financial discipline is inseparable from its wider responsibility to support safe operations, protect lives and assets, and respond to the evolving risks faced by the shipping industry. Investment in people, expertise and regional capability remains a priority, ensuring Members receive informed, timely and practical support wherever they operate.
Steamship Mutual enters the coming year with confidence grounded in principle: a strong financial position, a clear mutual purpose, and a commitment to act at all times in the best interests of its Members.
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