Gallagher 2020 P&I Clubs pre-renewal report – combined figures

Broker Gallagher has published the combined figures for the P&I Clubs for the past three full policy years.

The table shows the composite results of the International Group Clubs for the last three years.

Aggregate Final Year Results

In ‘000s of USD 2019-20 2018-9 2017-18
Original Call Income 3,808,606 3,760,733 3,819,421
Return Calls (79,000) (51,008) (128,218)
Actual Call Income 3,729,606 3,709,725 3,691,203
Acquisition Costs 378,083 388,807 369,296
Reinsurance 748,816 716.609 724,895
Claims Incurred 2,839,159 2,623,191 2,445,370
Administrative Expenses 260,394 309,535 234,634
Total 4,226,452 4,038,152 3,774,195
Underwriting Result (496,846) (328,427) (82,992)
Investment Income 767,577 101,782 538,993
Exchange Gains / (Losses) etc (14,356) (63,791) 18,945
Taxation (33,794) 19,700 (15,318)
Total 719,427 57,691 542,594
Overall Result 222,581 (270,736) 459,602
Cash and Investments 11,889,801 11,676,097 12,195,663
Other Net Assets 397,695 364,716 167,461
Total 12,287,496 12,040,813 12,363,124
Net Outstanding Claims 6,752,325 6,686,899 6,605,208
Free Reserves 5,515,671 5,334,414 5,638,600
Debt Capital 19,500 19,500 119,316
Capital Transactions in Year (41,324) (133,266) (30,000)

Figures include the pledged assets of Boudicca Insurance Co Ltd, Figures for those Clubs who do not report as at February 20th are included on the basis of their results for the nearest year-end to 20 February of any given year. No adjustment is made to eliminate inter-Club transactions, in particular pooling transactions.

For all years, figures include the non P&I operations, assets and liabilities of all Clubs eg Gard Marine & Energy, Sunderland Marine, Skuld and Standard’s Lloyd’s run off syndicates etc. In 2018-19 the Standard Club acquired the Strike Club which added $18.5m to Free Reserves. In addition, during 2018-19 the UK Club repaid its $100m hybrid capital.

During both the 2017-18 and 2018-19 years Britannia made $30m capital distributions, and a further $25m in 2019‑20.

Steamship Mutual also returned capital amounting to $21.9m in 2018‑19 and $16.3m in 2019-20. Figures reflect prior year application of changed accounting policies, where appropriate.

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