| JULY 14, 2026 CIRCULAR NO. 16/26 TO MEMBERS OF THE ASSOCIATION Dear Member: |
| THE AMERICAN CLUB’S ANNUAL MEETING OF THE MEMBERS. BOARD NEWS. ANNUAL REPORT AND ACCOUNTS FOR 2025. CLOSURE OF POLICY YEAR 2023-2024 IN SURPLUS POSITION. Annual Meeting of the Members – Board News. |
| At the American Club’s one-hundred-ninth Annual Meeting of its Members, which took place on Thursday, June 25, 2026, in New York, all those Directors who had been nominated for election and reelection, as earlier notified to the membership, were duly elected for the forthcoming twelve-month term. |
At the Annual Meeting of the Club’s Board of Directors, Mr. Robert D. Bondurant of Martin Resource Mgmt. Corp., and Mr. John A. Witte, Jr. of Donjon Marine Co., were elected Chair and Deputy Chair of the Board. At the same time, Ms. Dorothea Ioannou, Chief Executive Officer of the Club’s Managers, was re-elected as Secretary and Mr. LeRoy Lambert, of Poles, Tublin, Stratakis, & Gonzalez, LLP, was re-appointed General Counsel at the regular meeting of the Board which followed.
American Club’s Annual Report and Accounts for 2024.
During the Annual Meeting of the Members, the American Club’s Annual Report and Accounts for the year ended December 31, 2025, were presented. As described in the narrative contained in the Annual Report, despite continued pressure from increased severity in values of large casualties, as experienced from Pool claims in 2024, 2025 was a year of positive momentum, with tangible improvement in direct claims. Most notably, no claims incurred exceeded the Club’s retention. The financial year combined loss ratio was 102% on a regulatory standard and 109% on a generally accepted accounting principles standard (GAAP). The year benefited from an investment return of 8.7%, the best performance in several years, leading to an overall strengthening of the Club’s surplus position on both accounts. The financial soundness of the Club was supported by the issuance of an independent validation of investment grade rating as of year-end 2025 from AM Best.
| Closure of the 2023-2024 Policy Year. At the regular Board Meeting which took place shortly after the Annual Meetings of the Members and Directors, the Board of Directors resolved to close the policy year without further assessment. In closing the 2023- 2024 policy year, a solid surplus of $9 million was recorded and benefited the Contingency Fund, which was already accounted for within the Club’s Surplus. The Managers and Directors take this opportunity to thank the membership for the loyalty shown through the years. |
| If there are any questions with respect to this Circular, the Managers will be pleased to respond to them. |
| Yours faithfully, |
Dorothea Ioannou, CEO Shipowners Claims Bureau, Inc., Managers for THE AMERICAN CLUB
