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Steamship Mutual publishes 2024 Management Highlights report

Posted on: 3 July 2024

Steamship Mutual has published the 2024 Management Highlights report.

The report provides a comprehensive overview of the Club’s key statistics and financial figures, featuring detailed insights into their underwriting practices, claims management, loss prevention strategies, sanctions compliance, and sustainability initiatives.

The Chairs of Steamship Mutual Underwriting Association Limited: Doris Ho, Carlos Madinabeitia, and Buckley McAllister reflected on the past year: “The Club entered 2023 in a strong position with free reserves of US$454 million, significantly in excess of the S&P Global capital requirement for our ‘A‘ rating. It ended the year with an overall financial year surplus of US$110 million. After taking into account the capital distribution of US$24 million, free reserves increased to US$540 million at year end. The financial security available to Members and the flexibility that this exceptional capital strength provides is most welcome…”

They went on to say: “Members naturally wish to pay the lowest possible premium for their cover, whilst recognising that, in a mutual, premium should match expected costs and liabilities. If investment income arises in the subsequent year, and the financial position allows, the Board will consider making a distribution for the benefit of Members. It did so again for 2023 and has now made capital returns of US$114 million in the last seven years.”

Looking ahead they commented: “The Club’s vision is to be the shipping industry’s most trusted and valued P&I Club. The Board seeks to achieve growth, albeit not at the expense of its values and objectives. Underwriting objectives, whilst including a growth target, also reflect quality conditions, essential in a mutual. We do not seek growth that undermines the strength of the Club, built by and for the benefit of our existing Members…”

They reaffirmed: “However, what sustains the relationship between the Club and its Members is service. It is the commitment of the Club’s employees, and the depth of their expertise and experience, that ensures its success.”

Download the full report here.

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