Renewal Report: Steamship says renewal strengthens its financial position

Steamship Mutual’s managers have reported “ a successful renewal, which will continue to strengthen the Club’s financial position”.

Gary Field, Head of Underwriting, said that at the close of the 2022/23 policy year the Club’s owned tonnage was 115.6m. When the renewal gains and losses were taken into account, net growth for the year would be 6.5m owned gt, equal to an annual increase of about 5.9 %.

“A number of quality new Members, both owned and chartered, have joined the Club and we have also experienced consolidation within entries of existing fleets from other IG Clubs. In total, new owned business joining the Club amounts to $11.3m and 2.9m gt”, the Club said.