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Steamship Mutual announces financial results

Posted on: 3 June 2020

In its ‘Financial Update and 2020/21 Renewal’ circular Steamship Mutual says that the 2019/20 financial year combined ratio exceeded expectations at 99.8% compared to 116.1% in the preceding (2018/19) financial year. Several factors contributed to this improved performance including fewer and lower value large claims, three of which were notified to the Pool by the Club. The six year average combined ratio is 92.1%.

Gross investment income in the 2019/20 financial year was US$ 66.9 million (5.9%), well above expectations and the best result of the past decade. The portfolio recorded positive gains across all asset classes.

Over the year, free reserves increased to US$ 515 million, after the Club’s capital distribution to Members of US$ 16.3 million. This amount is comfortably in excess of S&P’s AAA rating level.
The Club remains in a strong financial position with one of the strongest Solvency II capital ratios in the International Group.

The Club has also announced that its Board decided upon a 7.5 % general increase, after 5 years without one. In the event, Owners’ premium including the value of adjusted terms for renewing vessels increased by 4.8%. The total entered tonnage for the Club stands currently at 157 million GT.

The circular issued by Steamship highlights:
• Strong underwriting performance reflected in a combined ratio of 99.8%.
• Average combined ratio for last six years of 92.1%
• The Club distributed US$ 16.3 million to mutual renewing members on 20 March 2020.
• Renewal rates at the 2020/21 renewal for mutual owned tonnage increased by an average of
approximately 5% overall.
• Post renewal total entered tonnage stood at 157 million GT, with 3.5 million GT of new owned
tonnage during the year.
• Investment return of US$ 66.9 million (5.9%).
• Free Reserves increased by US$ 48.3 million after the capital distribution and stood at US$
515.3 million at year end.
• The Club’s capital remains comfortably in excess of the S&P AAA rating level.
• Establishment of Steamship Mutual Underwriting Association (Europe) Limited in Cyprus.

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