Steamship Mutual 2022/23 Year End Highlights Steamship Mutual announce strong year end results with an improved Combined Ratio Press Release Steamship Mutual Published: June 01, 2023 Contact author Download article pdf At their Board Meeting in Athens, held on 23 May 2023, the Directors of Steamship Mutual approved the Clubs’ Report and Accounts for the 2022/23 policy year and authorised publication of the following highlights in advance of the release of detailed results.    All figures in this report reflect Steamship’s combined position. Owned tonnage at 20 February 2023 was 117 million GT, a 6% increase over the previous year. Total entered tonnage, including chartered, was 230 million GT as at 20 February 2023. As at 20 February 202, Free Reserves stood at US$ 454 million, from US$ 473 million the previous year, still comfortably in excess of the S&P AAA rating level. An overall 6.65% increase was achieved on renewing owned business. The Combined Ratio improved to 95.4% with the average Combined Ratio for the last six years at 108.6%. Investments recorded a loss of US$ 26.8 million, or approximately 3%.     Financial Results The combined financial position of the Steamship Mutual Group will be published in June but the Directors noted the improved underwriting performance. Claims in the International Group Pool were lower than in previous years although prior year deterioration was more notable than in the past. 2023/24 Renewal The Board decided upon a 7.5% general increase in respect of all business renewing at 20 February 2023 . Mutual premium, including the value of adjusted terms, increased by 6.6%. At renewal, approximately 3 million GT of new mutual business was entered and after adjusting for tonnage which did not renew, the net increase was 1.5 million GT. The Managers are very grateful for the confidence in Steamship, which these new entries reflect. Club Comments The Club Chair, Mr Armand Pohan commented: During my time as