This circular informs Members of the 2024 Renewal and Open Policy Years.
Press Release: Strong growth for the UK P&I Club and increased financial strength despite difficult investment markets
The UK P&I Club continues to grow its premium base, through its diversification agenda, while increasing its regulatory capital adequacy ratio to 200%.
Circular 07/23: Open Policy Years
This circular informs Members of the review of open policy years.
Circular 15/22: General Meeting Reports
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
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
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.
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.