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.
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”.
One of the Club's most important objectives has been to maintain underwriting discipline in order to deliver a predictable and consistent financial result for our Members.
Limit on Special War Risks P&I cover for 2018 policy year remains US$500 million. Bio-Chem" exclusion remains, and a supplementary cover for "Bio-Chem" risks in respect of crew and legal costs limited at US$30 million continues to be available. A portion of these covers is provided in accordance with the requirements of the US Terrorism Risk Insurance Act of 2002 (Act), as amended by the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) of 2015
Standard & Poor's ("S&P") today affirmed the Club's A (stable) rating after completing its full annual review of the Club. The S&P review considers a wide range of factors including the Club's capital adequacy, industry and competitive position, risk profile and, importantly, risk management. This S&P rating therefore provides a much wider view of the Club's financial health than the more generic measures such as free reserves per ton.
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.
At their meeting on 30th January 2017, the Directors reviewed the basis on which special war risks P&I cover could be made available to Members in accordance with the proviso to Rule 5E, and determined that this cover should be made available to Members for the 2017 policy year in accordance with the terms of the attached Directors' Resolution of 30th January 2017.
Circular 18/16 is a Report of the AGM proceedings and resolutions adopted. New Directors elected to the Board and Proposed changes to the Club's governance structure was approved by the Members.
Mutual Premium Discount of 3 per cent on the total mutual premium for the 2015 policy year. Standard deductible will be $12,000 per event for the 2017 policy year. Any change in the cost of the International Group reinsurance will be passed on to the mutual Members. An explanation of the financial background to the Board's decisions can be found in the "Autumn Review 2016" which accompanies this Circular.
