This report provides Members with a further update and evidence of the continuing improvement in the Club’s financial position with the benefit of figures to 20 November.
In particular the report identified the following highlights:
• The current year claims at the nine month point – net of reinsurance – are well below the level forecast
• Prior year claims are performing better than expected (see the bar chart on page 6)
• The financial year combined ratio for 2014 is likely to be significantly below 100%
• The Club’s owned mutual tonnage is expected to grow by 4.7% during the policy year
• Details of the Club’s revised investment strategy are provided in the report.
Further details are available via your usual Club contacts.