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.
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.
