Steamship Mutual‘s aim is to provide a comprehensive high quality P&I service backed by sound underwriting and strong reserves. The Club’s Board and Managers are determined to ensure that these objectives continue to be met.
Steamship Mutual’s Members are at the heart of the Club, and the Managers strive to offer the best advice and support wherever they are around the world. Steamship Mutual maintains a Standard and Poor interactive financial strength rating of A with a stable outlook, and capital reserve levels in excess of Standard and Poor’s AAA target.
Steamship Mutual’s 2018 Management Highlights include a summary of financial results showing that for policy year 2017
- Free reserves increased by US$5.7 million to US$516 million putting the Club’s capital well in excess of the AAA level of target capital as measured by Standard & Poor’s.
- The Financial year combined ratio was 112.8% – after distribution of US$25.6M of capital to the Members – with the three year rolling average at 84.7%.
- Investment returns of 3.5% were recorded on the combined portfolio.
- Retained claims and International Group Pool claims were higher in 2017/18 than in 2016/17 but comparable to levels in earlier years.
- The Club required no standard increase for the 4th year in succession
Steamship Mutual has offices in London, Piraeus, Hong Kong, Rio de Janeiro, Bermuda, Singapore, Tokyo and a Rotterdam office will open in autumn 2018.
The Club maintains an international network of correspondents in the event of assistance being required by Members or their agents.
For more information regarding the cover, services and expertise on offer at Steamship Mutual, please contact us on +44 (20) 7247 5490 or visit www.steamshipmutual.com
Follow us on @steamshipmutual and LinkedIn.