Report & Accounts 2014 Published
The Club’s return to the top level of our industry, both in terms of capital and its underwriting discipline, has been recognised by Standard & Poor’s in their decision to restore the Club’s full A (Stable) rating. It is a very significant event for the Club, but we should not see this as an end in itself. Having restored the Club’s financial position, we have now to make sure that we put a similar level of effort into maintaining our reputation for best in class service.
This year the Club has increased its free reserves and capital by $34 million. This takes the Club’s total capital to a new high of $528 million, comprising the underlying free reserves of $430 million and hybrid capital of $98 million. The outcome reflects a sound underwriting result in the face of mounting claims costs during the 2013 policy year, and an investment return of 4.5% amounting to $44 million.
The financial year combined ratio of 102% represents the fourth consecutive year of combined ratios close to 100%.
Legal, navigational and environmental resources, news and updates on the development of polar shipping. Read more
US VRP Compliance
With effect from 30th January 2014 non-tank as well as tankships calling at US ports will be required to submit VRPs. For Club and other resources to assist in compliance click here
International Environmental compliance
Environmental Compliance resource page collates material in respect of International environmental compliance issues affecting our Members. Information from the Club, Loss Prevention and external resources has been collated in one place for ease of reference.
The Maritime Labour Convention enters into force in August 2013 - resources, news & advice on implementation can be found in this dedicated section. READ MORE
Essential precautions and preparation against piracy, as well as additional information and resources, loss prevention advisories and useful external web links