London - The Shipowners’s Club, the leading mutual protection and indemnity insurer in the smaller and specialist vessel sector, has reported resilient results for the year ending 31 December 2018. The Club has reported a combined ratio of 104.2%, an increase in Member and vessel numbers, an uplift in gross tonnage to 27.3 million dollars and an overall deficit of 37.9 million dollars, including an investment portfolio loss of 29.7 million dollars.
The Club has reported a deficit for the year of 37.9 million dollars compared to a 47.7 million surplus the previous year. This is primarily the result of an underwriting deficit of 8.2 million dollars compared to a 1.8 million surplus and a negative investment portfolio return (net of tax) of 29.7 million dollars, compared to a 45.9 million surplus in 2017.
“We are pleased to announce that this year growth in income has returned as a result of increased member and vessel numbers,” writes the company in its report. “The challenges we have faced have not entirely vanished, but we believe that 2018 will prove to have been a turning point for the P&I market generally, even if not for certain sectors of our Membership.”