Steamship Mutual P&I Club Reports Strengthened Underwriting for FY 2010/2011

Steamship Mutual, a London-based global P&I (Protection & Indemnity) Club, announced that “during the 2010/11 financial year the Club’s underwriting performance has continued to strengthen and it has made good progress towards meeting its financial objectives.”

The bulletin noted that the Club has an “operating surplus of $51.7 million, and has increased free reserves by 20 percent to $303.3 million.”

As a result, it also pointed out that S&P had upgraded the Club’s financial strength rating in December “to A- with a stable outlook reflecting its increased capitalization, expectations for continued underwriting discipline and implementation of the new investment strategy.

CEO Gary Rynsard commented, “The strengthening underwriting performance resulted in a surplus of US$21.1 million and a reduction in the three year average combined ratio to 91.3 percent. Steamship Mutual’s combined investment portfolio recorded a gain of $32.9 million despite a defensive positioning of the assets and the total level of cash and investments increased to $824.2 million.

Source: Steamship Mutual