United Kingdom
P&I Portal

Shipowners' Club

The Shipowners’ Mutual Protection and Indemnity Association St
Clare House, 30-33 Minories, London EC3N 1BP, UK
shipownersclub.com t +44 (0)20 7488 0911

2017 report overview

  • The club reported a combined ratio of 98.6% for the 2017/17 PY
  • The capital and free reserves stand at USD 294 million
  • The club reported an investment return of USD 11.8 million, 3.5% before fees
  • Gross tonnage has increased by 0.8 million to 25.4 million total at February 2017

Ship owners annual report

Aon’s comment

The club has set the industry standard in the small ship’s sector for decades. They have maintained this lofty position despite vibrant competition.

The financial standing of the club has led Standard and Poor’s to upgrade them from -A to A.

Their portfolio is heavily geared to non-cargo vessels and as such they do not see the number of claims that can often cause attrition.

They are also able to offer all the required extensions to cover, which are an essential part of the offshore industry.

Free Reserves against premium income are at 132.97%.

Entered GT by vessel type

Entered GT by vessel type
Number of ships (owned entries only)
2016 2015 2014
32,225 32,008 33,899
Total owned entered GT
2016 2015 2014
25,037,013 23,579,295 23,613,022
Total chartered GT
2016 2015 2014
N/A N/A N/A

Entered GT by region

Entered GT by region

Income Statement (year ending December) USD 000s

  2016 2015
Income Calls and premiums 209,881 247,342
Excess Calls 0 0
Reinsurance Premiums -27,870 -36,243
Total Income 182,011 211,099
Expenditure Net claims incurred -136,060 -145,493
Net operating expenses -42,704 -54,168
Total expenditure -178,764 -199,661
Underwriting result pre investment/other financial income and tax 3,247 11,438
Investment/other financial income -22,412 -11,077
Tax/interest charged -1,730 1,057
Overall result -20,895 1,418
Free reserves 279,078 299,973

Breakdown of investment by type

Breakdown of investment by type
S&P Rating Current Rating Dec-15
Rating A A-
Outlook Stable Positive
Type of rating Interactive Interactive
Policy Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
General Increase % 5.0 15.0 15.0 5.0 0.0 0.0 5.0 5.0 0.0 0.0
Supplementary Call Record % 0/0 0/0 0/0 0/0 0/0 0/0 0/0 0/0 0/0 0/0

Release Call Percentage - as at February 2017

2014 2015 2016 2017
0% 0% 0% 0%