Steamship Mutual has released its Management Highlights 2026, showcasing a year defined by resilience, disciplined decision-making and unwavering support for Members amid heightened claims activity, geopolitical uncertainty and an increasingly complex operating environment.
The publication highlights the Club's continued financial strength, with $1.5 billion in invested assets, $578 million in free reserves, an S&P A rating, and a 220% Solvency II capital ratio and a Combined Ratio of 112%. Owned tonnage grew to 138 million gross tonnes with a total entered tonnage, including chartered now at 283mGT, reflecting continued confidence from existing Members and new entrants alike.
In their joint address, the Chairs emphasise that Steamship Mutual's enduring purpose remains unchanged: protecting Members from maritime risk and enabling them to operate safely and securely, with the Chair of Steamship Mutual Europe Carlos Juan Madinabeitia commenting further:
“Our Mission remains unchanged: financial strength, business focus, and resilience, operated in a cost-effective and sustainable manner. The Board has been actively engaged with the Managers in building a Club that is agile enough for the challenging shipping environment, and that capitalizes on opportunities to serve Members better through our products, our service, and the quality of our people.”
Chief Executive Officer Jonathan Andrews highlights how the Club's mutual structure continues to guide long-term decision-making, ensuring Members receive reliable support when risk materialises. He also points to Steamship's increasingly collaborative global operating model, with teams working seamlessly across regions and disciplines to help Members navigate sanctions, conflict-related exposures, regulatory change and complex claims.
The report also showcases significant investment in people, technology and loss prevention capabilities, alongside strong investment performance, which delivered a 7% return equivalent to $104 million during the year.
Commenting on the release, Jonathan Andrews said:
“The Club today reaffirmed its core purpose of supporting Members through risk and uncertainty, highlighting strong financial performance with record free reserves, our best ever investment return alongside tonnage growth. The Club delivered resilient results through disciplined decision-making and enhanced global collaboration”
The Management Highlights 2026 publication provides insight into the Club's performance, underwriting approach, claims expertise, ESG initiatives, sanctions support, loss prevention activities and the continuing value of the International Group framework.
Commenting on the release, Jonathan Andrews, said:
“The Club has reaffirmed its core purpose of supporting Members through risk and uncertainty, highlighting strong financial performance with record free reserves, our best ever investment return alongside tonnage growth. The Club delivered resilient results through disciplined decision-making and enhanced global collaboration”
The Management Highlights 2026 publication provides insight into the Club's performance, underwriting approach, claims expertise, ESG initiatives, sanctions support, loss prevention activities and the continuing value of the International Group framework.
Click here to read the full Management Highlights and Report & Accounts
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Note to Editors: Comments and photos are available on request from [email protected]
