The Shipowners' Club reports 98.8% combined ratio and strong capital position

The Shipowners' Club, leading mutual P&I insurer in the smaller and specialist vessel sector, has reported results for the year ended 31 December 2024.

The 2024 financial year saw the Club deliver an underwriting surplus of US$ 3.2m, with a combined ratio of 98.8%. As part of that, for the first time in the Club’s history,  the Club recorded gross earned premium of greater than US$ 300m. Whilst 2024 saw evidence of global volatility and changing macroeconomic factors, the Shipowners’ Club was pleased to report its investment portfolio returned an overall gain of US$ 37.4m, with closing net assets of US$ 447.5m, representing a 10% increase over the previous year. 

The Club’s capital strength and focused management of risk resulted in Standard & Poor’s reaffirming its credit rating of A (stable outlook).

These results mean that the Club is well placed to continue to provide high quality, well priced P&I insurance to its Members into 2025 and beyond.

In announcing the results, the Club’s Chair, Donald A. MacLeod K.C., stated: “The Club’s Members have continued to show tremendous support to the Club and this has led to record levels of premium. That said, the Club will never sacrifice its underwriting principles for the sake of garnering increased revenues. The Club’s retention levels are impressive. At the key renewal date of February 20, 2025, 99% Member retention was achieved. We thank all those Members and their brokers for their ongoing support of the Club.”

Simon Peacock, Chief Executive, commented: “Suffice to say that our close to breakeven underwriting result and our excellent investment return sees the Club in very good health. On top of this, our sure and steady growth in entered vessels and in tonnage reflects the care we take to deliver the very best service and the support we receive from the market as a result.”