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.

The UK P&I Club continues to grow its premium base, through its diversification agenda, while increasing its regulatory capital adequacy ratio to 200%. 

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 Covid-19 pandemic continues to dominate the headlines around the world

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”.

2019 marked the 150th anniversary of the Club, an outstanding achievement which demonstrates the importance of the mutual model to the shipping industry. 

This document is the first Solvency and Financial Condition Report (“SFCR”) of UK P&I Club N.V. (UKNV). It explains the company performance over the extended book year of 28 November 2018 until 20 February 2020. This document covers UKNV’s business and performance, its system of governance, risk profile, valuation for solvency purposes and capital management.

HM Treasury has imposed new financial restrictions against Iran. From 15:00 Monday 21 November 2011, all UK credit and financial institutions are required to cease business relationships and transactions with all Iranian banks, including their branches and subsidiaries, and the Central Bank of Iran. This means that UK credit and financial institutions are prohibited from entering into transactions or business relationships with these entities and continuing existing transactions and business relationships with them, unless licensed to do so by HM Treasury.

The UK P&I Club Directors' Report and Financial Statements for the year ended 20th February 2023 are now available to download.