The Club’s Review of the Year 2014 provides the latest perspective on its financial position.
Overall, the Club’s financial position remains strong with the free reserves and capital standing at $528million and total assets of US$1.6 billion.
There was a healthy investment return of $44 million (4.5%) after taking into account foreign exchange movements. The financial year combined ratio of 102% represents the fourth consecutive year of combined ratios close to the Club’s target of 100%.
Standard and Poor’s have upgraded the Club to A (Stable).
For ease of reference a pdf of the Review of the Year can be downloaded from the right hand column or from the Publications section of the website. In addition the review has been divided up in sections for ease of viewing online and can be accessed via the left hand menu.
The Club's full financial statements will be published on the website in July.
IRS Closing Agreement
The UK Club has entered into a closing agreement with the United States Internal Revenue Service (IRS). This closing agreement secures exemption for the Club from Section 4371 Excise Tax, which applies to insurance premiums paid to a foreign insurer or reinsurer when the exemption is based on the provisions of an income tax treaty to which the United States is a party. The UK Club is now listed on the IRS website as a party to a closing agreement with the IRS.
For more information on the IRS closing agreement, please see the IRS website http://www.irs.gov/Businesses/International-Businesses/Exemption-from-Section-4371-Excise-Tax
Electronic publishing of financial statements in 2013
With effect from 20th February 2013, the UK Club’s Directors’ Report and Financial Statements will be distributed solely in electronic format.
It will be published on the Club website as a PDF for download by Members.
Any requests for physical copies in support of discussions with regulators and governmental agencies should be directed to your usual Club contact.