Circular 04/22: Review of Open Policy Years
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
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.
S&P affirms UK P&I Club's A rating
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”.
UK Club Spring Update: 2020
The Club’s financial position remains strong as free reserves grew by $54 million to $559 million as at 20 February 2020.
2019 Review of the Year
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.
UK P&I Club has completed the redemption of its 10 year $100m hybrid bond with effect 22 August 2018
2018 Review of the Year
2018 Review of the Year and assets and income tables now available to download from the Club's website.
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
Autumn Statement 2017
2017 half-year financial results published. A solid performance from the Club at the half year.
At its meeting on 30th October 2017, the Board reviewed the financial position of the Club, the performance
Directors' Report & Financial Statements for the year ended 20th February 2017.
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.
Review of the year 2017
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.
The UK P&I Club ("The UK Club"), announces its renewal results for 2017
UK Defence Club- Renewal brochure
Read the 2017 addition of the UK Defence Club's renewal brochure here:
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.