18 Apr 2024
The Shipowners’ Club, the leading mutual P&I insurer in the smaller and specialist vessel sector, has reported encouraging results for the year ending 31 December 2023.
The Club has reported a combined ratio of 98.4% for the 2023 financial year, with a close to breakeven underwriting result of US$ 4.1m.
The investment portfolio returned an overall gain of US$ 65.7m, with closing net assets of US$ 406.8m. The Club’s capital strength and focused management of risk resulted in Standard & Poor’s reaffirming its credit rating of A (stable outlook), leaving the Club well placed to continue to provide high quality, well priced P&I insurance to its Members into 2024 and beyond.
Financial and Member data summary
- Combined ratio 98.4% (2022: 97.4%)
- Underwriting surplus US$ 4.1m (2022: US$ 6.2m)
- Earned premiums, net of reinsurance US$ 248.9m (2022: US$ 236.4m)
- Incurred claims, net of reinsurance US$ 173.8m (2022: US$ 167.3m)
- Investments returned a gain of US$ 65.7m (2022: loss of US$ 65.6m)
- Capital and free reserves US$ 406.8m (2022: US$ 337.4m)
- Entered Members 8,762 (2022: 8,527)
- Entered tonnage 31.4m (2022: 29.6m)
- Entered vessels 35,074 (2022: 33,808)
