Steamship books CR of 99.8% for 2019/20 policy year

Steamship Mutual has reported a “strong underwriting performance” for policy year 2019.20, reflected in a combined ratio of 99.8%, down from 116.1% the previous year. Steamship said that several factors contributed to the improved performance, including fewer and lower value large claims, three of which were notified to the Pool by the Club. The average combined ratio for the past six years has been 92.1%.

The Club distributed $16.3m to mutual renewing members on March 20th 2020,

The Board decided upon a 7.5 % general increase, after five years without one. Owners’ premium including the value of adjusted terms for renewing vessels increased by an average of 4.8%.

Post-renewal total entered tonnage stood at 157m gt, with 3.5m gt of new owned tonnage during the year.

The investment return was 5.9%, equal to $66.9m, “well above expectations and the best result of the past decade”.

Free Reserves increased by $48.3m post-capital distribution, reaching $515.3m at year end.

2017/18 Policy Year The Directors reviewed the position in relation to the open years and resolved that the 2017/18 Class 1 P&I and Class 2 FD&D years be closed without further calls. Release Calls The Directors decided to move the present release call levels forward by a year so that Class 1 P&I and Class 2 FD&D will be subject to release calls as follows: 2018/19: 0% 2019/20: 0% 2020/21: 10%