The Club’s Solvency II capital requirement will be reduced if the Club’s Internal Model application is successful,thereby giving the Club greater capital flexibility.

The Club remains on track to comply with the Solvency II Directive.

The Club submitted its partial internal model for review by the regulator earlier this year.The Bank of England has made it clear to the insurance industry that approval will be subject to tight control, and models will need demonstrably to cover all risks facing the business. Power to grant final approval of the model will not be available to the regulator until 2015. As a result, the Club will need to make a further application next year in order to comply with the 1st January 2016 implementation date.

Investments

Positive return on investment.

The first half of the year produced a positive return from the investment portfolio contributing $22 million to Club reserves over the period. This was the result of positive returns from both equities and bonds. The exposure to hedge funds was reduced to a negligible amount during the period.

The portfolio remains relatively conservatively positioned, focussed on higher quality fixed interest investments with a relatively low duration and a benchmark position inequities of 20%.

Pre 2016 Financial Statements

Past editions of the Club's financial reports are here.


Emergency Contacts


If you need to call our offices out of hours and at weekends, click After Office hours for a up to date list of the names of the Duty Executives and their mobile phone numbers. 

Ship Finder


This Ship Finder is updated on a daily basis. Members who need to advise the Club of updates to their recorded ships' details should advise their usual underwriting contact.