Posted on: 6 March 2025
The Managers of Steamship Mutual comment on this year’s successful renewal.
Gary Field, the Club’s Head of Underwriting said: “At the close of the 2024 policy year, the Club’s owned tonnage was 134 million, representing an increase of 7.8% year on year.
We have added vessels to existing Members fleets from other IG Clubs and received commitments from Members for new vessels to be delivered in the year ahead.
New Members entered 2 million GT at 20 February which is offset by tonnage leaving the Club where it was not possible to reach a renewal agreement.
As always, the Club appreciates the support of both Members and brokers during the renewal season”.
CEO, Jonathan Andrews, commented: “At renewal our underwriters have tried to set fair premiums for each Member in circumstances where claims are on the increase. In doing so they support the Board’s underwriting objectives.
The Club’s mission is to maintain excellent financial strength and resilience. A strong investment return will provide a significant 2024/25 financial year surplus even after returning $42 million to the Members at this renewal. If claims and geopolitical volatility continue in 2025 the strength of the Club’s position will be an important asset to the Members.”
As per Steamship Mutual’s good tradition, each new P&I year is started with the Club’s most recent recruits in the Underwriting team ringing out the ship’s bell. That honour fell to Grace Taylor and James Chalk this year.
