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Press Release - Year End Results and Renewal Report

SSM Roundel

Steamship Mutual

Published: May 24, 2024

Following the Club board meeting held in Geneva on 21 May 2024, the Managers were pleased to inform their Members of a record level of free reserves following the combined effect of an underwriting surplus and their best investment return in recent history.  

2023/24 Financial Year Highlights:

  • Free Reserves stood at US$540 million, up from US$454 million at the same time last year.
  • The Club remains one of the best capitalised in the International Group and is S&P “A” rated with a stable outlook.
  • US$24 million of capital distributed to Members at the 2024 renewal taking total funds returned to Members over recent years to US$114 million.
  • The 2023/24 financial year combined ratio improved to 92.9% from 95.4% in 2022/23.
  • Owned tonnage increased to 124 million GT at year end, an increase of 8 million GT over the previous year.
  • Total entered tonnage at year end, including chartered, increased to 244 million GT from 230 million GT in 2022/23
  • The number of International Group ("IG") Pool claims for the 2023 policy year was higher than the low levels experienced in the 2022 policy year. The overall level of claims remained favourable compared to recent years.
  • Investments record a gain of US$94.4 million (a 7.4% return), recovering strongly from the loss of US$26.8 million in the previous year. 

Carlos Juan Madinabeitia, Chair of Steamship Underwriting Association Europe said on behalf of the Club Chairs: 

"Members naturally wish to pay the lowest possible premium for their cover, whilst recognising that, in a mutual, premium should match expected costs and liabilities. If investment income then arises in the subsequent year, and the financial position allows, the Board will consider making a distribution for the benefit of Members. It has done so again for 2023 and has now made capital returns of over US$114 million in recent years. When the opportunity arises the Club will continue to release more capital to the Members" 

Jonathan Andrews, CEO said;

We are very proud that he Club has reached its present market leading position. We are now the 5th largest member of the International Group by tonnage, and the 3rd largest Club in terms of premium income. Growth has come largely from the organic development of our Members' entries. It also reflects the very welcome placement of vessels from new Members. 

The size of the Club can provide some economies of scale, but we are also very conscious of the need to preserve core values as we grow. Mutuality, ensuring fairness amongst Club Members, and transparency is key to building strong relationships that will endure. 



Note to Editors: please contact [email protected] for photos or further comment. 

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