London, 27 May 2022
The UK P&I Club ("The UK Club"), a leading provider of P&I insurance and other services to the international shipping community, announces its financial results for the year ended 20 February 2022.
UK Club well positioned for future growth
The Club's financial position remains strong with free reserves of $488 million as at 20 February 2022. The Club continues to comfortably meet all its regulatory capital requirements and remains in the highest AAA band of Standard & Poor's capital model.
The Club's combined ratio of 115% is a significant improvement over last year and its own large claim experience was positive for 2021/22. However, the IG pool suffered its worst ever year (net of reinsurance), exceeding last year's record.
It was another volatile year for investments. Global investment markets performed favourably for much of the year until the market correction just before the Club's year-end. The final return of approximately $19.6 million, or 1.9%, was strong given prevailing market conditions and offset much of the underwriting deficit.
Nicholas Inglessis, Chairman of UK Club, says: "The Club's capital strength and reputation for excellent service were underpinned by an outstanding renewal. The Club has made significant progress over the last two years towards correcting premium ratings and stabilising the underwriting result. The recent renewal demonstrated the continuing appeal of the Club to Members."
Andrew Taylor, CEO of Thomas Miller P&I, says: "The Club remains well placed to deal with future challenges and remains focused on providing excellent service to our Members. As premium rates have fallen over recent years, the Club has focused on its underwriting discipline and the progress demonstrated this year is a testament to the strength of the Club's partnerships with its Members."
The UK P&I Club is a leading provider of P&I insurance and other services to the international shipping community. Established in 1869 the UK P&I Club insures over 240 million tonnes of owned and chartered shipping through its international offices and claims network. "A-" rated by Standard & Poor's with free reserves of $488m, the UK P&I Club is renowned for its specialist skills and expertise which ensure "best in class", claims handling and loss prevention services.
The UK P&I Club is managed by Thomas Miller, an independent and international insurance, professional and investment services provider. www.ukpandi.com
Thomas Miller is an independent and international provider of insurance, professional and investment services. Founded in 1885, Thomas Miller's origins are in the provision of management services to mutual organisations, particularly in the international transport and professional indemnity sectors; where today they manage a large percentage of the foremost insurance mutuals. Thomas Miller also manages insurance facilities for all the self-employed barristers in England & Wales, as well as trustees of pension schemes, patent agents and housing associations.
Principal activities include:
• Management services for transport and professional indemnity insurance mutuals
• Professional services including legal services, claims and captive management
• Managing General Agency
UK P&I Club press release