In a circular to all members and brokers of the standard London class, Standard Club’s committee said that, after reviewing the Class’s financial position, open policy years, and the requirements for the 2018 renewal at its meeting on 17 November 2017, it could confirm the following:
· The release call for open policy years remain at zero. The Club noted that London Class continued its record of no unbudgeted calls in any year; “a proud record of call stability of more than 25 years”.
· Members with satisfactory performance will be offered renewal on an as expiring basis inclusive of reinsurance costs.
· The committee will return to members 5% of mutual call for the 2016/17 policy year. Credit notes for this return will be issued in late February 2018, allowing members to offset the return against premiums payable during the course of the 2018 policy year.
A zero release call will be set once again, which the Club said reflected the Class’s continuing sound financial position