This Solvency and Financial Condition Report ("SFCR") covers the Business and Performance of The United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Limited ("UKB") and The United Kingdom Mutual Assurance Association (Europe) Limited ("UKE")
2018 Review of the Year
29/05/2018
2018 Review of the Year and assets and income tables now available to download from the Club's website.
This Solvency and Financial Condition Report ("SFCR") covers the Business and Performance of the Association, its System of Governance, Risk Profile, Valuation for Solvency Purposes and Capital Management.
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.
Review of the year 2017
12/05/2017
The Review of the year 2017 details the Club's financials and claims experience. 2016 has been another strong year for the Club. Despite a small number of large claims notified to the Club towards the end of the year, a decent underwriting result and strong performance within the investment markets have enabled the Club to record a surplus for the ninth year in a row.
Review of the year and Financial Statements of the Club for the year ended 20th February 2016.
Review of the Year 2016
09/05/2016
2015 has been another strong year for the Club. The importance of consistent disciplined underwriting was evident in a year of volatility in the investment markets. The combined ratio for the financial year was 92%, better than the Club's target of 100%. Full details are available in the Club's 2016 Review of the Year.
Review of the year and Financial Statements of the Club for the year ended 20th February 2015.
2015 Review of the year
30/04/2015
Report & Accounts 2014 Published
08/07/2014
This year the Club has increased its free reserves and capital by $34 million. This takes the Club's total capital to a new high of $528 million, comprising the underlying free reserves of $430 million and hybrid capital of $98 million.
2014 Review of the Year
12/05/2014
This year the Club has produced a surplus of $9.5 million, increasing the free reserves and hybrid capital to a new high of $494 million. Underpinning this result was a respectable underwriting performance in the face of mounting claims costs, and an investment return of 3.7%, equivalent to $39.6 million. Overall this was a good outcome, but it does not allow for complacency. The increased claims on the 2012 policy year are a warning that, despite weak global economic growth, claims inflation, particularly in the higher value claims, continues to be present. It is therefore essential to maintain a disciplined approach to underwriting in the coming years to achieve the target of a balanced underwriting result over the claims cycle.
2013 Review of the Year
13/05/2013
2009 Report & Accounts
21/02/2011
2010 Report & Accounts
21/02/2010
UK P&I Club 2010 Chairman reviews successfully weathering financial crises, now holding over $400M reserves & capital to meet solvency rules & give Member confidence, eliminating prior deficits, 8% investment returns, claims reductions with slower markets enabling only 5% rise in premiums.
2008 Report & Accounts
20/02/2008
2007 Report & Accounts
20/02/2007
2006 Report & Accounts
20/02/2006
2005 Report & Accounts
20/02/2005
UK P&I Club 2005 Chairman reviews increased tonnage, Member confidence in placing vessels, rise in claims and costs from casualties like major Delaware River oil spill despite no fault, strength of claims response globally, aiming to maintain standards through inspections.
2004 Report & Accounts
16/02/2004