Steamship Mutual enters 2026 in a position of strength, following a renewal that demonstrated both the resilience of the mutual model and the value of responding to market challenges in a measured way. While 2025 brought elevated claims activity across the industry, the Club’s approach throughout the year focused on maintaining long term stability, supporting Members, and reinforcing the focus on quality risk.
Over the past several years the Club has returned more than US$150 million to its Members, and its decision not to make a distribution this year reflects its prudent stewardship in a period when the global claims environment remains so uncertain. This measured stance ensures that the Club continues to protect Members with confidence, preserving the financial strength that underpins mutuality.
Our Members understand that mutuality works best when decisions are taken for the long term. This empowers us to remain strong despite shifting claims patterns and new challenges across the industry.
As we look ahead, the Club’s position is exceptionally robust. Steamship Mutual finishes the 2025 policy year with a strengthened underwriting base and reaffirmation of its S&P ‘A’ rating. The financial position remains among the strongest in the sector, providing Members with security and reliable support. This stable foundation places the Club in an excellent position for 2026, with underwriting discipline and financial resilience aligned to deliver long term value.
Commenting on the 2026 Renewal, Rupert Harris, Head of Underwriting at Steamship Mutual, said:
“Steamship Mutual remains committed to the principles that define the Club: fairness across cycles, standing steady in challenging markets, and acting always in the best interests of its Members”
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