Review of the Year 2022
UK Club well positioned for future growth
The Club’s financial position remains strong with free reserves of $488 million as at 20 February 2022. The Club continues to comfortably meet all its regulatory capital requirements and remains in the highest AAA band of Standard & Poor’s capital model.
The Club’s combined ratio of 115% is a significant improvement over last year and its own large claim experience was positive for 2021/22. However, the IG pool suffered its worst ever year (net of reinsurance), exceeding last year’s record.
It was another volatile year for investments. Global investment markets performed favourably for much of the year until the market correction just before the Club’s year-end. The final return of approximately $19.6 million, or 1.9%, was strong given prevailing market conditions and offset much of the underwriting deficit.
Members can download the full report below.