Finances

The UK Club at a glance

$558 m Free reserves and hybrid capital	4.6% Investment return
100% Average combined ratio over the past 7 years	$4.01 Capital per ton
A (Stable) Standard & Poor's rating	AAA Standard & Poor's capital model

Review of the Year 2017

The Review of the Year 2017 provides the latest perspective on the Club's financial position.

Despite a small number of large claims notified to the Club towards the end of the year, a decent underwriting result and strong performance within the investment markets have enabled the Club to record a surplus for the ninth year in a row.

The combined ratios for the financial year of 104% (when currency gains are excluded) or 100% (including the currency gains) are within the Club’s acceptable target range and demonstrate the Club’s resilience to such claims.

At 20 February 2017, the Club held free reserves of $458.4 million with a further $99.4 million held in hybrid capital.

For ease of reference a pdf of the Review of the Year 2017 can be downloaded here.

The Directors' Report & Financial Statements 2017 can be downloaded here.

Pre 2017 Financial Statements

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

26/06/2017

The new, harmonised EU-wide regulatory regime for Insurance Companies, known as Solvency II, came into force with effect from 1 January 2016. The regime requires new reporting and public disclosure arrangements to be put in place by insurers and some of that is required to be published on the Company’s public website.

IRS Closing Agreement

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 paid to a foreign insurer or reinsurer when the exemption is based on the provisions of an income tax treaty to which the United States is a party. The UK Club is now listed on the IRS website as a party to a closing agreement with the IRS.

For more information on the IRS closing agreement, please see the IRS website http://www.irs.gov/Businesses/International-Businesses/Exemption-from-Section-4371-Excise-Tax

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.