UK Europe Solvency and Financial Condition Report (SFCR)
The new, harmonised EU-wide regulatory regime for Insurance Companies, known as Solvency II, came into force with effect from 1 January 2016. The regime requires new reporting and public disclosure arrangements to be put in place by insurers and some of that is required to be published on the Company's public website.
The Solvency and Financial Condition Report ("SFCR") for the UK Club's subsidiary undertaking, The United Kingdom Mutual Steam Ship Assurance Association (Europe) Limited ("UK Europe") can be accessed through the link below. Please note that the report does not include information on the UK Club as a whole but only on the business and results of UK Europe. The equivalent report for the UK Club group will be made available later in the year. The PRA has approved UK Europe's internal model for the calculation of the Solvency Capital Requirement ("SCR") in respect of underwriting risk. Therefore the outputs of the internal model are used in certain calculations
The SFCR is a public report to the Club's regulator, the PRA, and includes the following sections:
Section A: Summary - provides a brief summary of the business of UK Europe
Section B: Systems of Governance - provides information on the governance of UK Europe including the Board and Committee structures and the internal control framework
Section C: Risk profile - provides information on key risks areas including underwriting risk and market risk
Section D: Valuation for Sovency purposes - provides information on the valuation of UK Europe's assets and liabilities within the Solvency II balance sheet
Section E: Capital Management - provides a comparison on the capital position ("Eligible own funds") of UK Europe with the calculated capital requirement
Total eligible own funds held by UK Europe cover its SCR by 189%
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