United Kingdom Mutual Steam Ship Assurance Association News

The United Kingdom Mutual Steam Ship Assurance Association reported a substantially reduced deficit of $31million for the year ended February 20th 2003, compared with $138 million in 2001-2002. The deficit was $4 million lower than the $35 million forecast figure reported by Standard & Poor’s in January. In a circular to Members, published this week, the Association, generally known as the UK P&I Club, reported that its free reserves were $179 million, compared with $210 million in the previous year. Investment income was $46 million before tax – a healthy six per cent return despite difficult conditions in most financial markets. The…

20th 2003, compared with US$138 million in 2001/2. Poor's in January. million, compared with US$210 million in the previous year. return despite difficult conditions in most financial markets. premium. the Swiss Re. ratio. The total recovery amounted to $42 million. this effectively increased the free reserves by $10 million. the Club. under the contract. and will not affect premium levels in future policy years. target band, has been vindicated. as a highly satisfactory result. premium requirements. premium system. No supplementary premiums are anticipated for 2001 and 2002 policy years.