UK P&I Club's Half-Year Financial Highlights
- A solid performance from the Club at the half year.
- After six months, claims are slightly below average of the last eight years.
- The Pool remains favourable at the half year. The Club's excellent record on the Pool has reduced the Club's Pool contributions steadily over recent years, and shielded the Club from the increasing costs of the very largest P&I Claims in the market.
- A strong 4%* investment return in the first six months.
- Underwriting performance has met the Club's target on average over the last eight consecutive financial years. The favourable claims environment in the first half of the year has delivered a combined ratio of 95%*.
- Free reserves stand at $497 million with a further $100 million in hybrid capital -an increase of nearly $40 million since 20th February 2017.
- The Board expects to announce its Brexit plans by the end of the year with a view to being able to insure European risks in a new European subsidiary from the 2019 policy year
*Figures are excluding currency fluctuations.
Thomas Miller Group
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2017 was a good year for the Club. The underwriting surplus of $29 million was the largest in recent years. This, when coupled with a strong investment return of over $43 million, delivered a total surplus of $72 million. After adjusting for forward currency contracts, the Free Reserves at 20 February 2018 increased by $82 million to $540 million.
The UK P&I Club, one of the leading providers of P&I insurance and other services to the international shipping community, has appointed William Beveridge as its new Chief Underwriting Officer. He joins the UK Club on completion of his current employment obligations.
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