Press Release: Steamship Mutual 2021/2022 Renewal
London, 25 February 2021
“A” rated Steamship Mutual today announced the outcome of the Club’s 2021/2022 renewal. With a General Increase of 5%, ordered by the Board for both mutual and non mutual entries, the achieved premium increase of very close to that - over 4.5% including value of terms - is confirmation of widespread confidence in the Club. Notwithstanding some extremely difficult conditions arising from the Corona pandemic, this was a successful renewal, as reflected in additional tonnage entered by existing members and the number of new Members joining from other clubs and insurers.
Commenting on the renewal, Gary Field, Head of Underwriting for the Club, said that “During a very difficult renewal season, when for much of it we were unable to meet members and brokers in person, we were nevertheless able to agree innovative terms in many instances, to achieve equitable (and acceptable) allocation of risk”.
Mr Field reported that approximately 5.8 million GT of owned business joined the Club at renewal, in addition to growth in entries from existing and new Members during the 2020/2021 year. “A key feature of this growth is the role that our overseas offices have played in attracting new business. The Club’s entered tonnage has increased in Greece, Japan, Singapore and Cyprus as well as in Germany, Hong Kong, Spain and the UAE.”
Several existing Members also consolidated their entry with Steamship at this renewal, whilst others committed new tonnage for entry during the year that has only just started - 2021/2022.
At the beginning of the current 2021/2022 policy year, and taking account of the renewal result, the Club’s owned entered tonnage exceeds 96 million GT.
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Notes to Editors:
Comments are available on request from Gary Field, Head of Underwriting (gary.[email protected])
For further details relating to the Club’s key statistics, financial highlights and updates concerning underwriting, reinsurance, claims, safety and loss prevention, please see Steamship Mutual’s 2020 Management Highlights, which can be accessed here.
If you have any questions relating to this press release please direct your enquiries to ([email protected])