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October Review 2011
The UK Club’s financial position has improved strongly over the last
three years. Total assets are currently in excess of $1.6 billion.
The expected combined ratio for 2011/12 year is below 100 per cent.
If achieved at the year-end the Club will have had two successive
years of balanced underwriting. The Club is continuing to meet its
long term target of 100 per cent combined ratio.
Free reserves & capital
The surplus for the year to date of $8 million has increased the free
reserve and hybrid capital from $478 million to $486 million.
In Standard and Poor’s capital model the Club’s capital adequacy is now
in the AAA range. This combined with a free reserves per gross ton
figure of $4.5 puts the Club’s financial strength at the top level of its
peer group in the P&I sector.