2020 Directors' Report & Financial Statements
2019 marked the 150th anniversary of the Club, an outstanding achievement which demonstrates the importance of the mutual model to the shipping industry.
At 20th February 2020, the total free reserves of the Club had grown to $559 million, an increase of $54 million over the previous year. The Club’s free reserves have grown steadily over recent years and continue to be among the strongest in the industry. This has been recognised by Standard & Poor’s, the Club’s rating agency, who confirmed an A (Stable) rating for another year in December 2019.
The Club continues to deliver exceptional results when handling Members’ Claims. In March 2020, the US Supreme Court brought to an end 16 years of litigation following a major oil spill in the Delaware River from the tanker ATHOS 1, finding the ship’s charterer and owner of the receiving terminal responsible for the incident. The Court’s decision resulted in the reimbursement of some $70 million to the Club and, consequently, the International Group Pooling system and reinsuring underwriters.
2020 Directors Report and Financial Statement 8 MB