The Shipowners’ Club, the leading P&I insurer in the smaller and specialist vessel sector, has reported financial results for the six months ended 30 June 2019.
The Club recorded a combined ratio of 105.9%, which was broadly in line with expectations. The overall gain on the portfolio for the first half of 2019 stood at US$ 32.8m. This has contributed to the Club’s overall result for the first half of a US$ 26.4m gain, taking net assets to US$ 330.2m. The Club has seen encouraging Premium and Member numbers at the Half Year point.
Financial summary
- Combined ratio 105.9%
- Capital and free reserves US$ 330.2m
- Earned premiums US$ 108.2m
- Claims costs US$ 76.4m
- Underwriting deficit US$ 5.7m
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