Mutual Strike Insurance Association Europe News

The Strike Club reported a strong start to its new policy year that commenced on February 1, with continuing demand for its mutual entries and fixed-premium products covering war risks, loss of earnings and profit protection for time-charterers. When the club’s directors met recently in Hong Kong they noted an encouraging renewal rate of 99% among mutual members (by premium) for the 2014/15 year. Further, despite the challenging trading environment, the club continues to maintain its reserves, on a combined basis, at $35m. And the club retains its S&P rating of BBB+ with stable outlook. In Hong Kong, the directors reviewed the future structure of the club in view of the increasing EU insurance regulatory climate under Solvency ll (now delayed until 2016).