Emergency Contact The Shipowners' Club reports increased Member, vessel and tonnage numbers and strong investment return in 2020 Home Latest updates News The Shipowners' Club reports increased Member, vessel and tonnage numbers and strong investment return in 2020 21 Apr 2021 Download Sign up for alerts 21 April 2021 - The Shipowners’ Club, the leading mutual P&I insurer in the smaller and specialist vessel sector, has reported results for the year ended 31 December 2020. Despite a very challenging year, the Club’s Chairman, Philip Orme sought to reassure Members and their brokers that the Club had risen to the challenge of 2020 and delivered on its commitment to both Member support and financial stability. For the 2020 year of account, the Club has reported an on budget underlying combined ratio of 101.0% and a 3.8% increase in Member numbers to 8,182. The Club’s finances were strengthened by an excellent investment return of US$ 49.8m which contributed to an overall surplus in 2020 of US$ 39.1m. The Club ended the year with US$ 379.1m of net assets and has had its A (stable) rating reaffirmed by Standard & Poor's. In announcing the results, the Chairman stated: Against the background of COVID-19, I take enormous pride in the way our Club has conducted itself over the last year. We have had to adapt to an extraordinary working culture, alien to a Club which has been built on strong personal and face to face relationships with Members, brokers, correspondents, re-insurers and all other stakeholders. During such unpredictable times, we are proud of ensuring there are no additional surprises for our Membership. A Membership that continues to grow, but with which existing Members can be assured of our mutual responsibility towards growth, with quality of Membership, not quantity, being paramount. Simon Swallow, Chief Executive, commented We must never forget the difficult chapter that 2020 presented in the lives of our Members, their brokers and across our Club