Hong Kong Grants Licence to Steamship Mutual
Protection and indemnity club Steamship Mutual P&I Club has been given a licence in Hong Kong by Hong Kong Insurance Authority , its third in the Far East after Singapore and Tokyo."Hong Kong Insurance Authority has formally authorised the Club to establish a Branch in Hong Kong from 17 August 2018," said a press statement.Steamship Mutual is the first P&I Club to gain authorisation from the independent statutory authority, which commenced operation in 2017.The Club has maintained a presence in Hong Kong for almost 30 years, and formal authorisation provides a solid platform to deliver the full range of P&I services to Members and brokers…
Steamship Mutual Opts for Dutch Hub as Brexit Hedge
British ship insurer Steamship Mutual plans to set up a new Dutch subsidiary to ensure continued access to trade in the European Union in case Britain loses single market access. "We are about to apply for a licence to establish a subsidiary company in the Netherlands," Steamship Mutual's executive chairman Gary Rynsard told Reuters in an email, adding it would opt for the port city of Rotterdam. Britain dominates the global marine insurance market and losing access to specialist Protection and Indemnity (P&I) clubs could weaken its multi-billion pound shipping services sector. Steamship Mutual, which employs around 150 people in the UK, is one of 13 major global P&I clubs and Europe represents more than 30 percent of the insurer's global business.
S&P Raises Steamship Mutual outlook to Positive
Poor’s has revised its outlook on Steamship Mutual to Positive from Stable. The A- financial strength rating has been reaffirmed. • the rating could be revised to A if a longer track record of extremely strong capital and stable earnings is demonstrated. “The Club’s underwriting performance and capital strength compare very favourably with the highest rated Clubs in the International Group. The Board is committed to maintaining this strong position which gives security to the Club’s Members.
Steamship Mutual Set 10% Premium Increase for 2014
At their board meeting on October 22, the directors of the Steamship Mutual reviewed the club’s open policy years, as well as claims in earlier years, and considered the premium ratings required for the 2014 policy year. On the basis of owned claims reported to date, the overall value of claims for the current policy year is expected to be high, continuing the trend of recent years. It was noted that the total value of claims in the layer up to $250,000 is marginally below last year…
Steamship Mutual Publish 2013 Management HIghlights
Steamship Mutual P&I Club has released its 2013 Management Highlights. This includes an introduction from the Club’s Chairman, Heinrich Schoeller, and a statement from the CEO, Gary Rynsard. •Free reserves reduce by 3.25% to $286.21 million. •Total entered tonnage rises to approximately 102.3 million GT. •Number of claims falls but average cost increases, in particular for larger claims. •Most expensive year on record for Pool claims. •Combined gain on investments of $27.01 million, 3%.
