UK P&I Club N.V. Solvency and Financial Condition Report 2021
This document is the second Solvency and Financial Condition Report (“SFCR”) of UK P&I Club N.V. It explains the company performance over the second underwriting year of the company, ending 20th February 2021. This document covers UKNV’s business and performance, its system of governance, risk profile, valuation for solvency purposes and capital management.
During this second accounting year, the Brexit process was finalised with the United Kingdom formally withdrawing from the European Union on 1st February 2020 and finally severing links with Europe at the end of the transition period on 31st December 2020. UKNV was fully prepared. Two Fronted Clubs (P&I and ITIC) had already started underwriting via UKNV in November 2019 and three other Fronted Clubs (TT, UK War and Pamia) followed on 1st January 2021. The 2021 P&I Renewal at 20th February 2021 was successfully completed for the second consecutive time. For the TT Club, a large number of renewals were completed at 1st January 2021, as a result of which UKNV had a significant TT portfolio on its books when it closed the second accounting year. The ITIC portfolio of UKNV grew steadily as renewals concluded through the year. The UK War Risks Club’s EEA portfolio was renewed into UKNV at 20th February 2021. The PAMIA portfolio of EEA business was still in its infancy at the UKNV year end.
Members can download the full report below.