Circular 10/24: Update from the Board
22/05/2024
The UK P&I Club's Board of Directors has just concluded a productive set of meetings in New York, culminating in a full Members' Committee meeting on 13 May 2024.
This circular informs Members of the 2024 Renewal and Open Policy Years.
Circular 07/23: Open Policy Years
31/05/2023
This circular informs Members of the review of open policy years.
Circular 15/22: General Meeting Reports
11/11/2022
At the Annual General Meeting held in Dubai on Monday 7th November, the proposed resolutions in the agenda were put to the Members and were adopted by the meeting.
At their November meetings in Dubai and Rotterdam, the Boards reviewed the financial position of the Club, including the performance of the open and closed policy years, and have set a general increase of 10 per cent on all mutual premium rates for the 2023 renewal. The decisions have been agreed by the Club and its subsidiaries, including UKNV which underwrites all EEA risks.
Directors' Report & Financial Statements for the year ended 20th February 2022.
Circular 04/22: Review of Open Policy Years
27/05/2022
At their meeting in May 2022, the Directors closed the 2019 policy year. The deficit was transferred to the reserves.
Review of the Year 2022
27/05/2022
UK P&I Club maintains strong 2022 financial position with $488M reserves, comfortably meeting capital requirements & S&P AAA rating
Autumn Statement 2021
20/10/2021
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")
The UK Club Directors' Report & Financial Statements is now available to download.
Financial Highlights 2021
20/05/2021
Financial highlights for the year ended 20th February 2021.
S&P affirms UK P&I Club's A rating
02/11/2020
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”.
Circular 5/18: Review of Open Policy Years
29/05/2018
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
REVIEW OF OPEN POLICY YEARS AND 2018 POLICY YEAR GENERAL INCREASE
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.
The UK P&I Club Directors' Report and Financial Statements for the year ended 20th February 2023 are now available to download.