This year the Club has produced a surplus of $9.5 million, increasing the free reserves and hybrid capital of the UK Club to a new high of $494 million. Underpinning this result was a respectable underwriting performance in the...
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...
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.
The UK Club’s financial position has improved strongly over the lastthree years. Total assets are currently in excess of $1.6 billion.
The expected combined ratio for 2011/12 year is below 100 per...
The complete financial statements of the UK Club are being mailed to Members and brokers on Monday 30th July.
The United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Limited
Directors’ Report & Financial Statements for the year ended 20th February 2011
2010 Report and Accounts
2009 Report and Accounts
2008 Report & Accounts
2007 Report and Accounts