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Steamship Mutual

The Steamship Mutual Underwriting Association (Bermuda) Limited
Aquatical House, 39 Bell Lane, London E1 7LU, UK
simsl.com t +44 (0)20 7247 5490

2017 report overview

  • Reported a combined ratio of 83.5% for the 16/17 PY
  • Free reserves have increased by a further USD 70 million to USD 510.3 million
  • The Board decided to return 10% of mutual premium on the 2014 year
  • Total entered tonnage grew by 8.5% to 151.3 million GT
  • Investment return of 2.8%, an overall gain of USD 31 million before fees

View the Steamship Mutual Financial update and 2017 renewal

Aon’s comment

The club has posted two years of excellent results - among the best in the Group. That has resulted in record Free Reserves and continual growth in membership.

A return of premium for 2014/15 year of 10% was agreed by the Board and indications are that this will be replicated for 2015/16.

The club is in record shape financially; though we expect there will be a few casualties in their North European membership as the poor freight market continues to bite.

Free Reserves against premium income are at 126%.

Entered GT by vessel type

Entered GT by vessel type
Number of ships (owned entries only)
2016 2015 2014
8,310 8,798 8,830
Total owned entered GT
2016 2015 2014
77,800,000 74,300,000 68,700,000
Total chartered GT
2016 2015 2014
51,200,000 46,000,000 45,000,000

Entered GT by region

Entered GT by region

Income Statement (year ending February) USD 000s

  2016 2015
Income Calls and premiums 350,329 365,341
Excess Calls 0 0
Reinsurance Premiums -64,830 -69,002
Total Income 285,499 296,339
Expenditure Net claims incurred 167,930 187,614
Net operating expenses 41,397 45,421
Total expenditure 209,327 233,035
Underwriting result pre investment/other financial income and tax 76,172 63,304
Investment/other financial income -12,013 11,692
Tax/interest charged -25 -8
Overall result 64,134 74,988
Free reserves 440,321 376,187

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 % 9.0 15.0 17.5 5.0 0.0 5.0 7.5 10.0 0.0 0.0
Supplementary Call Record % 0/0 0/0 0/0 0/0 0/0 0/0 0/-10 0/0 0/0 0/0

Release Call Percentage - as at May 2017

2015 2016 2017
0% 2.5% 12.5%