Steamship Mutual has reaffirmed its commitment to its Members with the Board approving a distribution of 10%, equivalent to US$39m, as part of its February 2027 renewal.
At the eight-month point, the Club’s claims for the 2026/27 policy year show significant improvement on the corresponding position last year.
At six months, four claims were reported to the IG Pool that exceed Club retention.
The Club's claims for prior years have been better than expected across all areas of its business alongside favourable prior IG Pool claims development.
This follows exceptionally high claims activity in 2024 and 2025, particularly from large losses. The Club noted that measures taken at the last renewal have contributed to the improved performance.
Underwriting for stable performance
Steamship’s strategy is focused on underwriting performance and stability.
The Board decided on a General Increase of 4% in line with inflation in 2027.
Responsible capital management delivering Member value
Steamship’s approach to capital distribution reflects its commitment to prudent stewardship and the long-term interests of the Membership.
The Club’s investment strategy prioritises capital preservation while retaining flexibility to respond to market conditions. Approximately 60% of the investment portfolio is held in government and corporate bonds, with this approach delivering significant income.
A long-term approach centred on Members
Commenting on the Club’s strategy, Buckley McAlister, Chair of Steamship Mutual, said
“Our responsibility is to manage the Club for the long-term benefit of its Members. At the February 2026 renewal, following an exceptional period of claims activity, retaining capital was the right decision to protect the strength of the Club.
The measures taken at that renewal are contributing to the improved current-year claims performance we are seeing today. The Club's capital position has strengthened again this year, allowing the Board to continue its policy of returning excess capital to its Members while prudently maintaining capital adequacy, in line with our commitment to mutuality. This means the Club has returned $198m over the past decade."
Rupert Harris, Chief Underwriting Officer, said
“The decision to make a capital distribution alongside an inflationary 4% general increase, reflects two important responsibilities of the mutual model. The 4% general increase for the 2027 policy year supports our objective of achieving a stable underwriting performance, while maintaining fairness across the Membership. Together, these decisions demonstrate mutuality in practice and our desire to support our Members at every opportunity."
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