London, 20 May 2021 – The UK P&I Club (“The UK Club”), a leading provider of P&I insurance and other services to the international shipping community, announces its financial results for the year ended 20 February 2021.
UK Club: Financial strength maintained despite exceptional circumstances
The Club’s financial position remains strong with free reserves of $507 million as at 20 February 2021. The Club continues to comfortably meet all its regulatory capital requirements. Standard & Poor’s reaffirmed the Club’s A rating in December 2020.
In an unprecedented year, the Club’s underwriting result was impacted by some significant one-off factors. Claims arising as a result of the Covid-19 pandemic and an exceptionally expensive year for claims shared through the International Group Pool increased the Club’s combined ratio to 149.6%. Excluding these factors, the underlying combined ratio was broadly in line with the previous year. Nevertheless, this continues to be above the Club’s acceptable range.
It was a volatile year for investments. However, over the twelve month period the Club made a strong return of 5.6% ($59 million before expenses) which supported the Club’s overall financial result.
Nicholas Inglessis, Chairman of UK Club says: “The strength of the capital position combined with a best in class service capability are the cornerstones of the Club’s overall proposition. Member confidence and support for the UK Club remains extremely strong, as evidenced at the last renewal.”
Andrew Taylor, CEO of Thomas Miller P&I says: “The Club is well placed to deal with future challenges and remains focused on its key aims of delivery balanced underwriting and providing excellent service to Members. We maintain a close partnership with Members in all their business needs, from safety and loss prevention to advice on contracts and technical issues.”
For further details, please contact:
Jonathan Atkins/ Alastair Doyle
UKP&I@fourcommunications.com / +44 (0) 20 3697 4200
Notes to Editors
The UK P&I Club is a leading provider of P&I insurance and other services to the international shipping community. Established in 1869 the UK P&I Club insures over 240 million tonnes of owned and chartered shipping through its international offices and claims network. ‘A’ rated by Standard & Poor’s with free reserves in excess of $507m, the UK P&I Club is renowned for its specialist skills and expertise which ensure ‘best in class’, claims handling and loss prevention services.
The UK P&I Club is managed by Thomas Miller, an independent and international insurance, professional and investment services provider.
Thomas Miller is an independent and international provider of insurance, professional and investment services.
Founded in 1885, Thomas Miller’s origins are in the provision of management services to mutual organisations, particularly in the international transport and professional indemnity sectors; where today they manage a large percentage of the foremost insurance mutuals. Thomas Miller also manages insurance facilities for all the self-employed barristers in England & Wales, as well as trustees of pension schemes, patent agents and housing associations.
Principal activities include:
- Management services for transport and professional indemnity insurance mutuals
- Professional services including legal services, claims and captive management
- Managing General Agency