Skip to main content

Press Release - Steamship Mutual Issue Financial Update

Steamship Board meeting, held in Manila on 30 January, 2024

Publications

SSM Roundel

Steamship Mutual

Published: February 02, 2024

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:

The Club's financial strength allowed the Board to agree a capital distribution for the 2023 policy year of US$25 million. In 2024 the Board will again consider further capital distribution to the Members.

**END**

Note to Editors:

Comments and photos are available on request from mailto:[email protected] 

Share this article: