Emergency Contact The Shipowners' Club report encouraging Member numbers at half year point Home Latest updates News The Shipowners' Club report encouraging Member numbers at half year point 6 Sept 2019 Download 6 SEPTEMBER  2019 - 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 2019. At the half year point, the Club’s free reserves stand at US$ 330.2m, up from US$ 303.8m at the beginning of the year. The impact of the soft insurance market is still prevalent and as such, the Club reports a combined ratio of 105.9% which was in line with expectations. Despite improvement on the 2018 half year result, an underwriting deficit of US$ 5.7m remains. This can largely be attributed to continued difficult trading conditions as well as the cost of claims. A positive 20 February renewal resulted in a retention rate of 99% which, when included with new Member growth, pushed Member numbers to a new high Financial Summary Combined ratio 105.9% Capital and free reserves US$ 330.2m Earned premiums US$ 108.2m Claims costs US$ 76.4m Underwriting deficit US$5.7m As at 30 June 2019 the Club’s investment portfolio stood at some US$ 550m and this continues to be invested in a mixture of fixed income and equity investments. As noted by the Club’s Chairman in the 2018 Annual Report, the portfolio performed well in the early part of calendar year 2019 and this has continued to the half year point. The overall gain on the Club’s investment portfolio for the first half of 2019 stood at US$ 32.8m. This has contributed to the Club’s overall result for the first half of a US$ 26.4m gain, taking net assets to US$ 330.2m up from US$ 303.8m at end of 2018. Simon Swallow, Chief Executive commented: “It is encouraging to witness the support from our global membership, and the many professional brokers with whom we work, despite the levels of competition and alternative options that are