International Group Club member Steamship Mutual has announced a 5% General Increase for 2025/26, applied to premium on all classes of business. The Club said that “premium levels are under pressure due to the increasing cost of claims and premium churn”.
There will be a capital distribution to Members of about $42m, which will be allocated as 12.5% of the 2024/25 mutual P&I premium for vessels renewing on 20th February 2025 (subject to regulatory approval).
Releasing its figures for the seven months to September 20th, the Club said that it had achieved an investment return of $77m –equating to 5.5% (excluding currency movements).
Owned tonnage as of September 20th was up by 5.8% to 131.2m GT, from February 20th.
At the half year point the Club’s own incurred claims of $45.3m were up from recent years at the same point, but the Club noted that projected claims remained within budget expectations.
Seven claims have been reported on the IG Pool that exceed Club retention, including one from Steamship. Three other Pool claims have been reported on a precautionary basis, which may develop into claims on the Pool. At six months, the incurred cost of these claims was slightly higher than budget.
For 2023/24 and prior years, at six months the overall development of the Club’s prior year claims, and its contributions to other Clubs’ Pool claims, was favourable. There was a reserve release of $8.7m.
Directors decided to maintain the level of release calls, for mutual Class 1 P&I and Class 2 FD&D entries,
as follows:
- 2022/23: 0%
- 2023/24: 5%
- 2024/25: 10%
- 2025/26: 10%
At the Board meeting of the Club, held in Miami on October 22nd, the Directors approved the appointment of Ms Louise Lloyd (Vice President, Assistant Treasurer of Carnival Corporation) and Mr Dan Thorogood (CEO of Fairwater Holdings) as Directors of The Steamship Mutual Underwriting Association (Bermuda) Ltd.
https://www.steamshipmutual.com/sites/default/files/medialibrary/files/L.447.pdf