Steamship Mutual Financial Update and 2020/21 Renewal |
June 2020 |
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At their Board Meeting held on 2 June 2020, the Directors of Steamship Mutual approved the Clubs’ Report and Accounts for the 2019/20 policy year and authorised publication of the following key points in advance of the release of detailed results.
Highlights
The Club Chairman, Mr Armand Pohan, commented:
“Despite the eighteen Pool claims (two involving the Club), the Club’s claims experience in the last policy year was relatively benign. The result was a significant improvement (compared to the preceding year) in the 2019/20 financial year combined ratio to 99.8%. A very strong investment return meant that the Club ended the year with free reserves of US$515 million after payment of a US$16 million capital distribution to renewing members. By any standards this was a positive result, but of course since 20th February the COVID-19 pandemic has taken its toll on almost all commercial enterprise, and the Club’s reserves may well be adversely impacted in 2020/21. The Club accumulates reserves in order to absorb and help shield its Members from all kinds of financial shocks, including the unexpected.”
Release Calls
The Directors agreed that release calls for both P&I and Class 2 FD&D will be set as follows:
** ENDS **