This circular informs Members of the 2024 Renewal and Open Policy Years.

This circular informs Members of the review of open policy years.

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.

At their meeting in May 2022, the Directors closed the 2019 policy year. The deficit was transferred to the reserves.

UK P&I Club maintains strong 2022 financial position with $488M reserves, comfortably meeting capital requirements & S&P AAA rating

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")

The UK Club Directors' Report & Financial Statements is now available to download. 

Financial highlights for the year ended 20th February 2021.

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”.

The Club’s financial position remains strong as free reserves grew by $54 million to $559 million as at 20 February 2020.

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 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