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.
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 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")
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.
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.
