ShipOwners

S&P Rating: A (Stable)

Combined Net Ratio	101%	Investment Return	8%	Entered Tonnage	28m GT
Underwriting Result	-USD 9m	Overall Result	USD 39m	Free Reserves	USD 379m

Vessel Type

Tonnage Trading Area

Financials (USD)	2020 (m)		2021 (m)
Gross Premium	225		232
Reinsurance Premium	(25)		(25)
Net Premium		200		207
Claims	(156)		(157)
Operating Expenses	(54)		(59)
Total Expenditure		(210)		(216)
Underwriting Result		(10)		(9)
Investments	48		49
Tax	(1.8)		(1.3)
Overall Result		36		39

CNR		105%		101%

US$	2015	2016	2017	2018	2019	2020	2021
• Free Reserves ('000)	300	279	294	342	304	340	379
• Entered Tonnage (m)	24	25	25	25	27	27	28

Gross Tonnage