Steamship Mutual: Financial update and 2025 Renewal

World
October 28, 2024

At the Board Meeting held in Miami on 22 October 2024, the following developments were reported:

**Highlights**

  • There will be a capital distribution to Members of approximately $42 million, allocated as 12.5% of the 2024/25 mutual P&I premium for vessels renewing on February 20, 2025 (subject to regulatory approval).
  • At the 2025/26 renewal, there will be a 5% general increase applied to the premium on all classes of business before consideration of record.
  • As of September 20, an investment return of $77 million was achieved.
  • As of September 20, owned tonnage is up 5.8% to 131.2 million GT.
  • The Club’s S&P Global (S&P) rating is ‘A’ with a stable outlook
  • The London office of the Club will move from its location of 37 years at Aquatical House to 155 Bishopsgate next week.

Buckley McAllister the Chairman of Steamship Mutual Underwriting Association (Steamship London) noted:

“It is a pleasure to announce that the exceptionally strong financial position of the Club has allowed the Directors to authorise a capital distribution of US$42 million. This brings the total funds returned to Members to US$156 million in recent years. The Directors were also pleased to note that, whilst claims appear to be returning to higher levels, the current projections remain within budget expectations. The general increase approved will support the prudent underwriting approach that has served the Club well.”

Gary Field the Club’s Head of Underwriting said:

“It is important to the Board that our technical underwriting performance is sustained without reliance on investments, given the unpredictable nature of those returns. However, when the opportunity arises the Board has demonstrated its commitment to distribute excess capital to the Members particularly when investment returns are strong as at present. It is hoped that these distributions will be a sustainable feature of our performance.”

Read the full Circular here

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