United Kingdom
P&I Portal

UK P&I Club

The United Kingdom Mutual Ship Assurance Association (Bermuda) Limited Thomas Miller P&I Ltd
90 Fenchurch Street, London, EC3M 4ST, UK
ukpandi.com t +44 (0)20 7283 4646

2017 report overview

  • Reported a combined ratio of 100% (including currency gains) for 16/17 PY
  • The free reserves stand at USD 458.4 million, with a further 99.4 million in hybrid capital as at Feb 2017.
  • The Board decided to return 3% of mutual premium on the 2015 policy year
  • Total owned gross tonnage grew by 3% to 139 million.
  • The club has reported an investment return of 4.6% based on a prudent investment portfolio.

See the full UK P&I report here

Aon’s comment

There is little doubt that it was a case of opportunity missed following failed merger talks. So it has been business as usual at the club with a satisfactory set of underwriting results. The club took the decision to again return premium, this is in addition to the premium returns seen in the 2011 and 2014 years, showing its financial well-being.

Free Reserves against premium income are at 138.95%.

Entered GT by vessel type

Entered GT by vessel type
Number of ships (owned entries only)
2016 2015 2014
3,361 3,446 3,569
Total owned entered GT
2016 2015 2014
135,000,000 127,000,000 124,000,000
Total chartered GT
2016 2015 2014
90,000,000 90,000,000 90,000,000

Entered GT by region

Entered GT by region

Income Statement (year ending February) USD 000s

  2016 2015
Income Calls and premiums 393,613 408,059
Excess Calls -8,253 0
Reinsurance Premiums -81,414 -88,969
Total Income 303,946 319,090
Expenditure Net claims incurred -241,252 -289,936
Net operating expenses -43,378 -49,522
Total expenditure -284,630 -339,458
Underwriting result pre investment/other financial income and tax 19,316 20,368
Investment/other financial income -9,052 54,640
Tax/interest charged -8,517 -8,846
Overall result 1,741 25,426
Free reserves 546,913 547,766

Breakdown of investment by type

Breakdown of investment by type
S&P Rating Current Rating Dec-15
Rating A A
Outlook Stable Stable
Type of rating Interactive Interactive
Policy Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
General Increase % 7.5 17.5 12.5 5.0 5.0 3.0 7.5 10.0 2.5 0.0
Supplementary Call Record % 0/20 0/0 0/0 0/-2.5 0/0 0/0 0/-2.5 0/-3 0/0 0/0

Release Call Percentage - as at February 2017

2014 2015 2016 2017
0% 0% 10% 15%