October Review 2011
Financial Overview
The UK Club’s financial position has improved strongly over the last three years. Total assets are currently in excess of $1.6 billion.
Combined ratio
The expected combined ratio for 2011/12 year is below 100 per cent. If achieved at the year-end the Club will have had two successive years of balanced underwriting. The Club is continuing to meet its long term target of 100 per cent combined ratio.
Free reserves & capital
The surplus for the year to date of $8 million has increased the free reserve and Hybrid capital from $478 million to $486 million. In Standard and Poor’s capital model the Club’s capital adequacy is now in the AAA range. This combined with a free reserves per gross ton figure of $4.5 puts the Club’s financial strength at the top level of its peer group in the P&I sector.
Financial Strength
- Capital and reserves increased to $486 million at half year point
- Capital and reserves of $4.5 per gross ton
- Capital adequacy in AAA range of S&P capital model
- S&P rating of A- (Outlook: Stable)
October Review 2011
The UK Club's October Review 2011 has now been published.
Claims
Frequency of claims down significatly in 2009, 2010 and 2011
Underwriting
Combined ratio target if 100% met
Investment Performance
99% of all bonds invested in by the Club are A grade or better