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