Steamship reports additional tonnage at renewal for 2021/22

Steamship Mutual has reported a successful 2021/22 renewal, with additional tonnage entered by existing members and the number of new Members joining from other clubs and insurers.

Steamship said that with a general increase of 5% the achieved premium increase was very close to that – over 4.5% including value of terms – described by Steamship as “confirmation of widespread confidence in the Club”.

Steamship Mutual Head of Underwriting Gary Field said that “during a very difficult renewal season, when for much of it we were unable to meet members and brokers in person, we were nevertheless able to agree innovative terms in many instances, to achieve equitable (and acceptable) allocation of risk”.

Field reported that about 5.8m gt of owned business joined the Club at renewal, in addition to growth in entries from existing and new Members during the 2020/2021 year.

“A key feature of this growth is the role that our overseas offices have played in attracting new business. The Club’s entered tonnage has increased in Greece, Japan, Singapore and Cyprus as well as in Germany, Hong Kong, Spain and the UAE”, said Field.

He added that several existing Members also consolidated their entry with Steamship at this renewal, whilst others committed new tonnage for entry during the year that has only just started.

At the beginning of the current 2021/2022 policy year, and taking account of the renewal result, the Club’s owned entered tonnage now exceeds 96m gt, the club said. No reference was made to chartered tonnage or the corresponding figure for last year. In its June 2020 managers’ highlights report the club noted 88.4m owned gt and 68.1m chartered gt (page 9).