The Club is delighted to report another year of underwriting surplus, additions to our free reserves and a further strengthening of our balance sheet.
The Club saw an increase of 1.5% in gross premiums, a combined ratio of 94.6% and capital and free reserves surpassing the US$ 300m mark for the first time. We retained our rating of A- and our balance sheet supports an AAA rating on the Standard & Poor’s model.
Financial hightlights include:
- Combined ratio 94.6% (2013/14: 98.9%)
- Capital and free reserves US$ 300.3m (2013/14: US$ 298.9m)
- Increases in free reserves US$ 1.4m (2013/14: US$ 23.2m)
- Earned premiums US$ 211.1m (2013/14: US$ 213.1m)
- Incurred claims US$ 145.5m (2013/14: US$ 158.5m)
- Underwriting result US$ 11.4m (2013/14: US$ 2.3m)
- Investment portfolio returned a loss of US$ 10.0m
- Gross tonnage 23.5m (2013/14: 23.6m)
If you have requested a hard copy of the Annual Report, the estimated delivery date is 12th June. If you have not yet requested your hard copy and would like to receive one, please submit your request.