Following the Club’s Board meeting in Mumbai on 24th January, the Club has reported that the free reserves are expected to increase at the end of the policy year. Excellent underwriting performance continues with a positive investment return adding to the projected surplus.
The Club has benefited from a benign claims environment with a low incidence of both large and small claims. At this early stage the development of claims in the current policy year is significantly lower than at the same point in recent years both in severity and in number. With no new claims being notified by the Group Clubs in the third quarter, the incurred experience on the International Group Pool is also lower than last year. The Club’s review for three quarters of the year shows a broadly favourable claims development with projected reserve releases on prior years in line with the Board’s expectations.
An increase to 132 million tons in combined owned and chartered tonnage was noted.
In the eleven months ending 20 January the Club recorded an investment return of 2.5% excluding currency movements, which are allocated to the underwriting result.
Speaking following the Board Meeting Chairman of the Club Mr Armand Pohan said: “Having made a substantial return of capital in 2016 it is great news for the Members that the Club can again look forward to another positive outcome with growth in entered tonnage and a significant increase in free reserves. The Directors look forward to reviewing the year-end figures at our next meeting and considering what we can do to assist Members. Hopefully another return of capital will be possible in 2017.”
The Managers Executive Chairman Gary Rynsard commented: “Our excellent underwriting performance continues to deliver positive results for the Club. We are also delighted that we continue to see entered tonnage grow particularly from our existing Members.”
Notes to editors:
Steamship Mutual received an upgraded Standard & Poor’s (S&P) financial strength rating in August 2016. The Club’s financial strength rating moved from A- to A, recognising Steamship Mutual’s track record of strong financial performance and extremely strong capital. Steamship Mutual (managed by Steamship Insurance Management Services Limited) is a leading provider of Protection & Indemnity (P&I) insurance. Steamship Mutual offers a comprehensive range of P&I products and ancillary covers.
In the Club’s 2016 Management Highlights it was reported that:
• Free reserves increased by US$64 million to US$440 million.
• The Financial year combined ratio was 76% with the three year rolling average at 83%.
Contact
For further information contact Mairéad Ní Cheóinín on +44 78 2794 2939 or +44 20 7650 6429
Email [email protected] For further information visit: www.steamshipmutual.com
