Emergency Contact The Shipowners' Club reports high Member retention and a strong underwriting year Home Latest updates News The Shipowners' Club reports high Member retention and a strong underwriting year 20 Apr 2023 Download Sign up for alerts 20 April 2023 – The Shipowners’ Club, the leading mutual P&I insurer in the smaller and specialist vessel sector, has reported results for the year ended 31 December 2022. The Club reported a combined ratio of 97.4% and therefore delivered a close to breakeven underwriting surplus of US$ 6.2m. Although the 2022 financial year saw headwinds in all aspects of the investment universe, the Shipowners’ Club was pleased to report a strong capital position, with closing net assets of US$ 337.4m. The Club’s capital strength, alongside focused management of risk, resulted in Standard & Poor’s reaffirming its credit rating of A (stable outlook). These results mean that the Club is well placed to continue to provide high quality, well priced P&I insurance to its Members into 2023 and beyond. In announcing the results, the Chairman, Don MacLeod, stated: “We achieved a solid combined ratio of 97.4%, premium written reached a record level of US$ 270.8m, claims costs were stable, the number of Members and tonnage entered increased and the Club once again received a reaffirmation of its Standard & Poor’s rating of ’A stable’, reflecting our strong operating results, financial position and risk management.” Simon Swallow, Chief Executive, commented: “As we look back on the year, we are proud with the levels of Member retention at the Club. Members and their brokers generally stay with the Shipowners’ Club and we strive to retain that trust. We have seen steady growth without ever compromising our technical underwriting result and we will continue to offer the most secure P&I product to smaller and specialised vessels.” Financial and Member data summary Combined ratio 97.4% (2021: 98.7%) Underwriting surplus US$ 6.2m (202