Emergency Contact The Shipowners' Club pledges stability for Membership with encouraging half year results Home Latest updates News The Shipowners' Club pledges stability for Membership with encouraging half year results 10 Sept 2020 Download Sign up for alerts LONDON, 10 SEPTEMBER 2020 – The Shipowners’ Club, the leading P&I insurer in the smaller and specialist vessel sector, has reported financial results for the six months ended 30 June 2020. The Club reports an improved combined ratio of 102.2% (2019: 105.9%) and a positive contribution from the investment portfolio of US$ 8m, taking its free reserves to US$ 338.2m at the half year point. Financial summary Combined ratio 102.2% (2019: 105.9%) Capital and free reserves US$ 338.2m (2019: US$ 330.2m) Earned premiums US$ 113m (2019: US$ 108.2m) Claims costs (net of reinsurance) US$ 75.1m (2019: US$ 76.4m) Underwriting deficit US$ 2.2m (2019: US$ 5.7m) Despite it’s first General Increase in premium for five years, the Club was pleased to report a 98% retention rate at renewal. Furthermore, the increase in premium achieved has resulted in earned premium at half year point being up some US$ 4.8m on 2019. Whilst this is positive news, the Club’s attention has since turned to the difficulties experienced by many of its Members as a result of COVID-19. The Club’s maintains that its absolute priority is to support Members cash flow by settling and paying claims, and by offering returns where vessels remain in lay up. Simon Swallow, Chief Executive commented: “At the 2020 half year point, during these most unsettling  times,  never before has it been more important to pledge to our Members and their supporting brokers that in all that we do, we strive to ensure peace of mind. We are forever appreciative for their loyalty and trust, which makes us even more determined to provide the highest levels of service and stability of premiums.” ENDS Notes for editors The Shipowners’ Club is a mutual marine liability in