The Shipowners’ Club reports a modest underwriting surplus as well as increased vessel and tonnage numbers at the half year point

The Shipowners’ Club, the leading P&I insurer in the smaller and specialist vessel sector, has reported financial results for the six months ended 30 June 2024.

The Club has reported a combined ratio of 95.8% which was in line with budget. The underwriting result of a US$ 5.4m surplus has been driven by 7% growth in earned income compared to the first half of 2023. This positive variance has been sufficient to more than absorb claim costs in the first six months of the year, as well as increased expenses due to a higher inflationary environment. The Club remains well capitalised at 30 June with US$ 434.6m of net assets and this is reflected in the Club’s A (stable) credit rating from Standard & Poor’s.

The Club is pleased to report a 99.0% retention rate at the 20 February 2024 renewal. Furthermore, the Club’s measured growth has resulted in gross earned premium at the half year point being some US$ 9.5m up on 2023.

Simon Peacock, Chief Executive, commented: “This is another stable and very positive set of results from the Shipowners’ Club. Our Members and their brokers choose to place their P&I risks with us due to our fair pricing and our claims ethos. We thank Members and the broking community for their continued trust and we look forward to being able to continue to provide them with the peace of mind they seek in their marine activities.”

Financial and Member data summary:

• Underwriting surplus US$ 5.4m (June 2023: surplus US$ 1.8m)
• Combined ratio 95.8% (June 2023: 98.5%)
• Gross earned premiums US$ 146.5m (June 2023: US$ 137.0m)
• Total Members 8,619
• Total gross tonnage 31.3m
• Total vessels 35,145
• Capital and free reserves US$ 434.6m (December 2023: US$ 406.8m)
  Source: The Shipowners’ Club