The UK Club at a glance
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.
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