Emergency Contact The Shipowners’ Club Announces Strong Results Amid Competitive Market Conditions Home Latest updates News The Shipowners’ Club Announces Strong Results Amid Competitive Market Conditions 20 Jun 2014 Download Sign up for alerts The Shipowners’ Club Announces Strong Results Amid Competitive Market Conditions The Shipowners’ Club, which is the leading P&I insurer in the smaller and specialist vessel sector, has reported very healthy results for the twelve months ending 20 th February 2014.  Entered members, vessels and tonnage all grew, resulting in an increase of 9.8% in gross premiums, a combined ratio of 98.9% and an 8.4% increase in free reserves to USD298.9 million. The results were achieved against a background of increased competition and a continuing upward trend in claims. Highlights: Earned premiums USD213.1 million Incurred claims USD158.5 million Underwriting surplus USD2.3 million Investment return USD20.9 million Increase in free reserves USD23.2 million Capital and free reserves USD298.9 million Combined ratio 98.9% In his statement Shipowners’ Chairman, Donald MacLeod drew attention to the performance of the Club over the six-year period since the so-called economic crisis of 2008 and the trading difficulties that have ensued.  “The Club has successfully navigated these troublesome and difficult waters, emerging stronger than ever by adhering to the principles that it should achieve a balanced underwriting result, and that investment income should be used to bolster reserves, not subsidise rates,” he said. Indeed, without the need for unbudgeted calls, free reserves have increased by some 142% over this six-year period to a total of USD298.9 million and the Club’s investment portfolio has risen to USD569.3 million.  The average combined ratio over the period was 90.6%.  “This performance more than justifies the consistency of purpose portrayed by the Club with prudent underwriting over the long haul,” stated Mac