At this half year, free reserves remain at a healthy level of $473 million. The reduction of $21 million reflects the higher claims experience of 2013, offset to some extent by continuing improvement in the most recent...
OUTLINEReport of the AGM proceedings and resolutions adoptedSix new Directors elected to the BoardMr Alan Olivier elected as Chairman and President of the BoardTO THE...
OUTLINEGeneral Increase for the 2014 policy year is 10 per centThe standard deductible will increase to $8,500Any increase in the cost of the International Group reinsurance will be passed on to...
This circular provides details of the AGM of the Association which will take place in Bermuda at 9 am on 28th October 2013 and the arrangements for voting by proxy.
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...
The United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Limited Directors’ Report & Financial Statements for the year ended 20th February 2013
The Club’s funds have continued to strengthen in the first half of 2012 with free reserves and capital increasing by US$8 million to US$494 million. With the Club’s owned tonnage at 20th August standing at over 116 million gross...
The complete financial statements of the UK Club are being mailed to Members and brokers on Monday 30th July.
2009 policy year closed; Open years developing favourably; Free reserves and Hybrid Capital increased to US$486 million; Combined ratio of 97 per cent
Good result in difficult times: This year we report another operating surplus and a further increase in the Club's free reserves and hybrid capital to $486 million. This level of capital, puts our Club's financial strength at the top level of its peer group in the P&I sector. This result is particularly pleasing as it comes in a year which has seen results elsewhere in the market adversely affected by an increase in claims and volatile investment returns. Overall the Club produced a surplus of $11 million. The main driver behind this positive outcome was the continuing improvement in the claims reserves on the more recent policy years and the early indications that 2011 will be a low claims year.