Finances
The UK Club at a glance
$558 m | 4.6% |
100% | $4.01 |
A (Stable) | 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.
Pre 2017 Financial Statements
Past editions of the Club's financial reports are here.
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