Steamship Mutual Management Highlights 2013

Press Release

London, 25 June 2013

2013MHCover256

Steamship Mutual, a leading P&I Club, has released its 2013 Management Highlights. This includes an introduction from the Club’s Chairman, Heinrich Schoeller, and a statement from the CEO, Gary Rynsard.

“It is pleasing to report that the Club remains in a strong, stable financial position”.
Heinrich Schoeller

“The premium increase achieved at renewal should improve the operating performance in the current year”.
Gary Rynsard

Summary of Results

  • Free reserves reduce by 3.25% to US$ 286.21 million.
  • Total entered tonnage rises to approximately 102.3 million GT.
  • Number of claims falls but average cost increases, in particular for larger claims.
  • Most expensive year on record for Pool claims.
  • Combined gain on investments of US$ 27.01 million, 3.0%.

“The Boards' difficult but necessary decision in imposing a standard increase at the 2013 renewal and the consequent increases in premium achieved, should result in an improved operating performance in the current year.”

 

Steamship Mutual Management Highlights 2013

Steamship Mutual Report & Accounts 2013

 

 

Note to Editors: Additional photography and comments are available upon request

 

Press contact:

Jacqueline Callard
Steamship Insurance Management Services Limited
Tel: ( +44 (0) 20 7650 6515 (direct)
email: jackie.callard@simsl.com

 

About Steamship Mutual

Steamship Mutual (managed by Steamship Insurance Management Services Limited) is a leading provider of Protection & Indemnity (P&I) insurance. As one of the largest P&I Clubs in the International Group, Steamship Mutual insures a diverse range of shipping around the globe, for both shipowners and charterers. With offices in London, Bermuda, Greece, Hong Kong, Brazil and correspondents in every major shipping port worldwide, Steamship Mutual employs highly professional and experienced staff including qualified lawyers, ex-senior mariners, and specialist insurance and claims experts.

 

For further information visit: www.steamshipmutual.com