Steamship Mutual's 2022/2023 Renewal

London, 24 February 2022

Steamship Mutual, S&P A rated, today announced the outcome of the Club’s 2022/2023 renewal. With a General Increase of 12.5%, ordered by the Board, the achieved increase of 11.76%, including the value of terms, is continued evidence of the strong support from both members and brokers. This was another successful renewal, which included additional tonnage from fleet consolidation by existing members, as well as tonnage from new Members.

Commenting on the renewal, Gary Field, Head of Underwriting for the Club, said, “We are happy with our renewal result and have achieved the rate rises which we and the Board considered necessary in order to achieve an acceptable underwriting outcome”.

Mr Field reported growth in tonnage at renewal of 4.8 million GT of owned business, in addition to the growth in entries from existing and new Members during the year. At the beginning of the current 2022/2023 policy year, and taking into account the renewal result, the Club’s owned entered tonnage exceeds 110 million GT.

Stephen Martin, CEO, said “As we saw at the last renewal, a key contributer to the Club’s growth is the overseas offices. Once again, they have played a significant part in the renewal and throughout the year in providing the highest levels of service.
“The Club’s entered tonnage has increased notably in Japan, China, Norway, and Greece; whilst at the same time the Managers remained very selective when considering new business. The Managers appreciate the support of the Club’s members through the renewal process”.

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Notes to Editors:

Comments are available on request from [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 2021 Management Highlights, which can be accessed here.