United Kingdom
P&I Portal

West of England

West of England Ship Owners Mutual Insurance Association (Luxembourg) Tower Bridge Court
226 Tower Bridge Road, London, SE1 2UP, UK
westpandi.com t +44 (0)20 7716 6000

2017 report overview

  • The club reported a combined ratio of 87.2% for the 16/17 PY
  • The free reserves grew by 11% to USD 306.5 million
  • The club reported an investment return of 1% (USD 6.6 million)

West of England full report

Aon’s comment

The club posted a splendid set of results both in underwriting and investment. The latter against the trend with the club seeing over three million dollars added to Free Reserves.

These impressive figures have seen the club rise to an A- rating as they go from strength-to-strength.

Free Reserves against premium income are at 122%.

Entered GT by vessel type

Entered GT by vessel type
Number of ships (owned entries only)
2016 2015 2014
3,119 3,051 2,891
Total owned entered GT
2016 2015 2014
72,200,000 68,500,000 59,200,000
Total chartered GT
2016 2015 2014
28,000,000 32,100,000 25,200,000

Entered GT by region

Entered GT by region

Income Statement (year ending February) USD 000s

  2016 2015
Income Calls and premiums 227,614 216,798
Excess Calls 0 0
Reinsurance Premiums -43,927 -40,619
Total Income 183,687 176,179
Expenditure Net claims incurred -118,072 -136,280
Net operating expenses -35,466 -35,350
Total expenditure -153,538 -171,630
Underwriting result pre investment/other financial income and tax 30,149 4,548
Investment/other financial income 3,679 24,093
Tax/interest charged -859 -1,146
Overall result 32,969 27,496
Free reserves 276,661 243,692

Breakdown of investment by type

Breakdown of investment by type
S&P Rating Current Rating Dec-15
Rating A- BBB+
Outlook Stable Stable
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 5.0 5.0 7.5 7.5 2.5 0.0
Supplementary Call Record % 20/45 30/30 30/30 30/30 30/30 35/35 35/35 35/35 35/35 35/35

Release Call Percentage - as at May 2017

2015 2016 2017
0% 10% 20%