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.
Preserving underwriting discipline continues to be a key financial objective of the Club. The combined ratio for the year of 90% brings the average combined ratio for the last 5 years to 99%. Premium rates across the market have steadily declined over recent years. Although financial year combined ratios have remained strong, the pressure on policy year results is increasing. It remains, therefore, essential that the Club stays focussed on maintaining breakeven underwriting. At 20 February 2018 the Club continued to meet all capital targets and hold an appropriate buffer which is designed to avoid a breach of any target even in an extreme event.
The Club holds Free Reserves of $540 million with a further $100 million in hybrid capital.
The Review of the Year is available to download as a
2016 has been another strong year for the Club. Despite a small number of large claims notified to the Club towards the end of the year, a decent underwriting result and strong performance within the investment markets have enabled the Club to record a surplus for the ninth year in a row.
The UK P&I Club ("The UK Club"), one of the leading shipping protection and indemnity mutual insurers, announces its financial results for the year ended 20 February 2016.
The UK P&I Club ('the Club'), one of the leading providers of protection and indemnity insurance, announced today the Board agreed to redeem its $100 million hybrid bond following PRA approval.
