Emergency Contact The Shipowners' Club reports a 99.6% combined ratio and a strong investment position Home Latest updates News The Shipowners' Club reports a 99.6% combined ratio and a strong investment position 21 Apr 2026 Download the page Sign up for alerts 21 April 2026 – The Shipowners’ Club, the leading mutual P&I insurer in the smaller and specialist vessel sector, has reported encouraging results for the year ending 31 December 2025. The 2025 financial year saw the Club deliver an underwriting surplus of US$ 1.0m, with a combined ratio of 99.6%. The Club's strong competitive position allowed for steady growth in premium whilst still maintaining its underwriting disciplines. Despite global volatility during the year, the Club was also pleased to report its investment portfolio returned an overall gain of US$ 85.1m. This strong investment portfolio return contributed to an US$ 83.2m increase in net assets, to US$ 530.7m. The Club’s capital strength and focused management of risk resulted in Standard & Poor’s reaffirming its credit rating of A (stable outlook), assuring its Members, and their brokers, that the Club is well placed to continue to provide high quality, well priced P&I insurance into 2026 and beyond. In announcing the results, the Club’s Chair, Donald A. MacLeod K.C., stated: “There is a great diversity of nationalities and vessel types among the Membership, but there are many similarities in the form of their professionalism and dedication to excellence. The Club will never sacrifice its underwriting principles for the sake of garnering increased revenues. As a result, the Club’s retention levels are impressive. At the key renewal date of February 20, 2026, 99.2% Member retention was achieved. We thank all those Members and their brokers for their ongoing support of the Club.” Simon Peacock, Chief Executive, commented: “ By any measure, the past year has been a strong one for our Club. We continue to be delighted and humbled by the un