2014 has been a year of significant progress for the Club. A commitment to disciplined underwriting has delivered a combined ratio for the financial year of 104%, the fifth consecutive year that the Club has performed at or close to its target of 100%.

The Club's portfolio of investments has produced a healthy return of 5%. After accounting for foreign exchange difference, the surplus has increased total free reserves to $449 million with a further $99 million held in hybrid capital.

In contrast to the 2013 policy year which, with an unfortunate run of large claims, has developed into one of the more expensive policy years in recent years, the 2014 policy year was considerably less active. Delivering this stable financial year combined ratio, despite the expense of the 2013 policy year, is testament to the Club's strength.

The amount of business offered to the Club continues to grow and the Club's financial strength provides the foundation for the confidence which the market has in the UK Club. However, underwriting discipline remains paramount in our determination to protect the Club over the medium and longer term.

The 2015 Review of the Year is available to download as a pdf. Hard copies will be mailed out to Members and Brokers in the next few weeks.