Press Release - Steamship Mutual Issue Financial Update

After its Board Meeting, Steamship Mutual reported that it expected further significant strengthening of its financial position given an investment return of US$87 million recorded with one month to go before its year end.
Steamship Mutual is rated “A” by S&P Global and ranks as the 4th largest International Group (IG) Club (measured by owned mutual premium net of reinsurance costs).

Tonnage growth was reported to have increased by 6.6% in the first 11 months of the policy year, increasing the owned entry to 124 million GT.

Key highlights from the Board meeting: 

• The Club’s own incurred claims and the cost of International Group (IG) Pool claims for the 2023/24 policy year remain less than budgeted 
• Claims development for prior years is also better than budget expectations  
• The Club’s financial year-end combined ratio is expected to be less than 100%
• After 11 months to 20 January the Club recorded an investment return of US$87 million
• Owned tonnage has increased by 6.6% in the 11 months increasing the Club’s total to 124.2m GT
   

Jonathan Andrews, Chief Executive Officer, commented: