Tysers P&I Update #4: Steamship

(Note Tysers’ caveat on its figures, printed on September 19^th in IMN at the beginning of the Gard summary).

Managers     Steamship P&I Management LLP

S&P Rating   A

Tysers reported that it had been a good year for the Club, with a combined ratio of 93% producing a technical surplus of $25m and a strong investment return of 7.4% from its bond-focused portfolio. This was the best for over 20 years, producing $85m after charges and tax.

The overall surplus of $110m resulted in $24m being returned to members, meaning that free reserves grew by $86m to $540m. The Club has now returned $114m to members over the past seven years.

Gross premium increased by $57m to $464m, and claims were up $16m at $282m. Claims in the 2023 policy year were higher than 2022, but over a six-year period the claims cost per GT has improved due to the Club’s tonnage growth.

Owned tonnage grew during the year from 117m to 124m GT, and chartered entries now exceed owned at 125m gt. Tysers believes that this is due to substantial fleets of large container vessels and ultra-large bulk carriers.

Tysers noted that CEO Jonathan Andrews has also commented elsewhere that there is a “war for talent”, not only between the Clubs but also with other industries to find quality staff to deal with the ever-more complicated P&I world.

Tysers said that it was intrigued by the comment from the Club Chairs that over the past year the Board has engaged with the Managers in developing the Club’s strategy for the future and “we will implement a robust strategy that is able to capitalize on opportunities to better serve our Members…”