Standard Club Reserves at Record Levels

Posted By Gabby DelGatto
Thursday, June 19, 2014

February 20, 2014 not only marked the end of The Standard Club’s financial year, but also revealed evident improvement. The club’s combined ratio strengthened to 101%, from 113% in 2013. Gross premium income net of reinsurance increased by $22m to $253m, whilst claims net of reinsurance and operating expenses came to $257 million, a fall of $14m. This produced an underwriting deficit of $4m (a 101% combined ratio), which was covered by an investment surplus of $10m. With free reserves of $369m, and the amount set aside to meet outstanding claims and IBNR at $580m, the reserves available to meet claims stands at $949m.
 

In recent years, the club made the decision to use its financial strength to support members during difficult times in the shipping industry.  Despite having held back from increasing premium rates at the same pace as its competitors, the club was able to record an improved underwriting result compared to the previous year.
 

During the year, the club’s investment portfolio was defensive, resulting in a below benchmark investment return.  The Standard Club said it has benefited from four years of outstanding investment performance relative to its peers, and its investment returns over previous years have been the best of any P&I Club. Reflecting the club’s strong balance sheet, Standard & Poor’s have assigned the club an ‘A’ rating.
 

Jeremy Grose, Chief Executive Officer, said, “The club has achieved a satisfactory and stable result for the year.  We have delivered a surplus and achieved a near break-even underwriting performance. The combined ratio has improved substantially, to 101%, which is the clearest sign of our consistent underwriting discipline. The club remains amongst the strongest financially in the International Group with an S&P ‘A’ rating.Our members are at the heart of everything we do. Over the last year we have continued to focus on providing first class service and building the strength of the club for the future.”
 

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Raytheon Anschütz Opens Service Center in Panama

German navigation system manufacturer Raytheon Anschütz has established its new subsidiary Raytheon Anschuetz Panama, S. de R.L., in Panama City.   The new company,

ISS Palumbo UK Acquires Union Transport

ISS Palumbo UK, part of maritime services provider Inchcape Shipping Services (ISS), has acquired U.K. freight forwarding specialist Union Transport (Newcastle) Ltd.

Marquette Transportation Reportedly for Sale

Marquette Transportation Company LLC, a U.S. towboat operator, is exploring a sale that could value it at more than $1 billion and has attracted the interest of

Finance

Marquette Transportation Reportedly for Sale

Marquette Transportation Company LLC, a U.S. towboat operator, is exploring a sale that could value it at more than $1 billion and has attracted the interest of

Tohoku Electric's LNG Buy Sets Asian Spot Level

Japanese utility Tohoku Electric has purchased an LNG cargo for delivery in the third week of March at a price in the low $7 per million British thermal unit (mmBtu) range,

Europe's Offshore Wind Capacity Growing

New capacity edges down 5 pct from record 2013; industry body forecasts stable growth over 2015/6. Europe's offshore wind capacity kept up a steady rate of growth

Insurance

A HERO on the Seas

The expansion of the Panama Canal has opened up an opportunity for WWL to develop its next generation RoRo carriers. Due to its importance to international trade,

ZIM Launches Monitoring and Tracking Service

ZIM integrated shipping services has announced the launching of a new monitoring, tracking and security services package, specifically designed for valuable and

Oil Tankers are Front Line of Libya's Struggles

Crew members killed in tanker attack this month; West fears worsening violence could lead to civil war. Oil shippers face higher costs and the possible loss of insurance cover on Libyan voyages,

P&I Clubs

Shell Eyes Arctic Drilling this Summer

Oil major Shell wants to revive its Arctic oil drilling programme this year after a near two-year suspension, angering environmentalists who say the risk of an oil spill is too high.

ZIM Launches Monitoring and Tracking Service

ZIM integrated shipping services has announced the launching of a new monitoring, tracking and security services package, specifically designed for valuable and

Oil Tankers are Front Line of Libya's Struggles

Crew members killed in tanker attack this month; West fears worsening violence could lead to civil war. Oil shippers face higher costs and the possible loss of insurance cover on Libyan voyages,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1316 sec (8 req/sec)