Closure of the 2014 policy year without additional call

To all Members,

At their meeting in Lisbon on the 1st June 2017 the Board considered the open policy years and in particular the 2014 policy year, which is now three years old.

The 2014 policy year is currently forecast to produce a small underwriting deficit, however, given this modest forecast loss, coupled with the significant accumulated surplus brought forward the Board agreed that the year can be closed without additional call.

Furthermore, the Board considered the open policy years for 2015, 2016 and the current 2017 year and agreed to maintain a nil additional call estimate.

The Club’s policy of adopting a nil release call for all open years remains.