News 14 May, 2021 West P&I Club announces robust 2020/21 annual result London, 14 May 2021 – West of England P&I Club, a leading insurance provider to the global maritime and offshore industries, has today announced a robust performance in its 2020/21 annual result despite the ongoing Covid-19 pandemic providing a challenging year on many fronts for the Club, and its Members and their crews. Download PDF Despite Covid-19, the West’s capital position remains strong; in excess of S&P’s ‘AAA’ benchmark The West’s reputation continues to grow with excellent Member retention The West recorded a positive investment performance (4.6%) in a very volatile market The West’s capital position remains in excess of S&P’s AAA benchmark, despite the financial challenges created by the Covid-19 pandemic. The Club’s conservative investment strategy returned USD 33.3m (4.6%) over the last 12 months. However, the West has faced a number of challenges over the last year, including increased contributions to unprecedented levels of high-value claims in the International Group Pool, its Members’ own claims for Policy Year 2020 higher at this point than in any preceding year including Covid-19 related claims in excess of USD 10m, and the continuing underrating of risk across the whole market. The cumulative effect of this unprecedented combination of circumstances is a combined ratio of 139.8% and a reduction in the free reserve to USD 291.1m. Nevertheless, the West has maintained its overall A- rating from S&P, and is well positioned to emerge strongly from these unprecedented times. The West’s service levels remain as high as ever, and its conservative investment strategy protects the Club’s capital in uncertain and volatile market conditions. Significant progress was also made in addressing the underwriting deficit at this year’s renewal, in line with the Club’s disciplined underwriting policy, with strategic de-risking of a number of underperforming fleets across al