Steamship Mutual thanks Members for their support

Press Release

London, March 2014

Steamship Mutual has reported upon the 2014 year renewal.

The overall objective, against a background of rising claims costs, was to secure premium increases, as well as improvements in deductibles, which would meet the claims levels projected for the current year.  For all Members, records and exposure were taken into account when applying the General Increase.  Recognition was given to Members with good records, whilst those with adverse loss experiences were asked to pay more.  For Members renewing their covers on 20 February premium - excluding excess of loss - increased by about 7% and, including the projected value of higher deductibles, by a little over 8.5%.  In several cases, Members accepted deductible increases in excess of the minimum amounts required in the Club’s October 2013 Circular, benefitting from lower premium as a result.

The Club’s owned entry increased at renewal.  Overall, including substantial new chartered entries which joined the Club on 20 February 2014, net tonnage increased by an estimated 7 million GT, giving estimated total entered tonnage of 114 million GT at the start of the 2014 year.  In the 12 months leading up to renewal owned entries increased by slightly above 5%.

In some cases agreement upon rating could not be reached, and in a few others renewal terms were not offered.  However, tonnage from new Members exceeded these losses

Gary Rynsard, CEO, commented,

“During the course of renewals we were well aware, and often reminded, of the challenges affecting many of the Club’s Members.  We considered our proposals carefully and kept in mind the importance of long standing relationships.  We are very grateful to the Members and their brokers for the support shown to the Club again this renewal.”

In respect of the new Members joining at 20 February Mr Rynsard said:

“We have been delighted to welcome some high quality fleets to the Club and we are convinced that our commitment to service has been a big influence on their decision to join us.  Whilst the Club only seeks growth on a sustainable basis, new Members are both an encouragement to us and a recognition that we are a home for the best operators in the industry.  Equally important was the number of existing Members who committed new buildings to be delivered in 2014 to the Club and this endorsement of our relationship with these fleets was also very pleasing.”

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

Press contact:
Jackie Callard
+44 (0) 20 7650 6515

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