Over the last eighteen months, we have witnessed the most dramatic change to working and economic conditions in our lifetime. However, the Club and the shipping industry have shown considerable resilience under these difficult circumstances.

This document is the second Solvency and Financial Condition Report (“SFCR”) of UK P&I Club N.V.

This Solvency and Financial Condition Report (“SFCR”) covers the Business and Performance of The United Kingdom Mutual Steam Ship Assurance Association Limited (“UKC” (solo basis) or “the Group”).

The UK Club Directors' Report & Financial Statements is now available to download. 

Financial highlights for the year ended 20th February 2021.

The Club’s financial position remains strong with free reserves of $507 million as at 20 February 2021.

On 30th October 2020 ratings agency Standard & Poor’s released a research update on the UK Club and affirmed the Club’s ‘A’ rating.

This Solvency and Financial Condition Report (“SFCR”) covers the Business and Performance of The United Kingdom Mutual Steam Ship Assurance Association (Europe) Limited (“UKE”) and The United Kingdom Mutual Assurance Association (Bermuda) Limited (“UKB”), which together are known as “the Group”.

2019 marked the 150th anniversary of the Club, an outstanding achievement which demonstrates the importance of the mutual model to the shipping industry. 

This document is the first Solvency and Financial Condition Report (“SFCR”) of UK P&I Club N.V. (UKNV). It explains the company performance over the extended book year of 28 November 2018 until 20 February 2020. This document covers UKNV’s business and performance, its system of governance, risk profile, valuation for solvency purposes and capital management.

The Club’s financial position remains strong as free reserves grew by $54 million to $559 million as at 20 February 2020.

Directors' report & financial statements for the year ending 20th February 2019.

Directors' Report & Financial Statements for the year ended 20th February 2018.

Review of the year and Financial Statements of the Club for the year ended 20th February 2016.

Review of the year and Financial Statements of the Club for the year ended 20th February 2015.

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.

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.