Presentation Club Message from the Chairman As a Mutual, the - - PDF document

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Presentation Club Message from the Chairman As a Mutual, the - - PDF document

Aug 14, 2023 481 likes •695 views

Presentation Club Message from the Chairman As a Mutual, the interests of the Members are paramount. The Board is determined to maintain financial strength and stability whilst at the same time ensuring that the Members derive real benefits

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Club Presentation

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“As a Mutual, the interests of the Members are paramount. The Board is determined to maintain financial strength and stability whilst at the same time ensuring that the Members derive real benefits from their membership in and contribution to the Club. Aside from the return of premium to the Membership; the Board agreed to greater risk retention within the Club thereby reducing the spend on external reinsurance, the cost of which is inevitably passed on to Members; and a continuation of the policy of keeping rates steady.” October 2016

Armand Pohan Chairman

Message from the Chairman

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2016 Highlights

Combined owned and chartered tonnage of

129.0m GT

2016 financial year combined ratio of

76.2%

3 year combined ratio

85.2%

Total assets

US$1.4bn

Investments

Conservative investment policy maintained

Solvency ratio

64.8%

S&P revised the Club’s rating to

A stable

Capital comfortably in excess of the

S&P AAA level of target capital

Free reserves per owned GT

US$5.89

Free reserves increase by

US$64.1m to US$440.3m

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  • Steamship Mutual are supporters of the principle of mutuality

and the benefits of these principles for shipowners in a range

  • f their insurance needs
  • We believe in the benefits of a diverse Membership by

geographical area and vessel type

  • We follow a prudent approach to investment policy resulting

in financial security and stability

  • The Club is supported by technical expertise and a dedication

to problem solving

  • We aim to be leaders in P&I loss prevention initiatives

“Steamship Mutual's Board is determined to use the financial strength of the Club for the benefit of the Members”

Gary Rynsard Executive Chairman

Corporate Principles & Values

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Class 1 P&I Tonnage History

58 63 65 69 74 78 34 30 37 45 46 51 20 40 60 80 100 120 140 2011 2012 2013 2014 2015 2016 Million Gross Tonnage Owned Chartered

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2016 Gross Tonnage by Vessel Type

As at 20 February 2016

39% 24% 16% 11% 7% 3%

Bulk Carriers Tankers Containers Cruise and Ferry General Cargo Others 29 December 2016

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Underwriting & Reinsurance

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Combined Ratio Record

92.1% 114.7% 112.5% 96.7% 82.7% 76.2% 2011 2012 2013 2014 2015 2016 0% 20% 40% 60% 80% 100% 120% 140%

Group Average Steamship

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2016 Gross Tonnage by Region

39% 34% 15% 6% 6%

Far East Europe North America Latin America Middle East and Indian Sub-Continent

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Free Reserves

Financial Year Ending 20 February

$303.31 $295.84 $286.20 $301.20 $376.18 $440.32 50 100 150 200 250 300 350 400 450 500 2011 2012 2013 2014 2015 2016 US$ Millions

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Financial Strength

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Total Net Outstanding Claims

Financial Year ending February

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 100 200 300 400 500 600 700 800 2011 2012 2013 2014 2015 2016 IBNR US$ Millions Net IBNR Net Outstanding IBNR As % Of Projected Outstanding

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Free Reserves Per Owned Ton

Financial Year ending 20 February

1 2 3 4 5 6 7 2011 2012 2013 2014 2015 2016

US$ Steamship Group Average

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Gross Owned Claims

50 100 150 200 250 300 350 400 2011 2012 2013 2014 2015 2016 US$ Millions Under $250k $250k - $1.0m $1.0m - $1.8m $1.8m - $9.0m Over $9.0m

$895m $895m

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Claims

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2016 Asset Allocation

As at 20 February 2016

26% 23% 23% 14% 8% 5% 1%

Corporate bonds Government bonds Cash Absolute return funds Hedge funds of funds Equities Property

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Gross Owned Claims

50 100 150 200 250 300 350 400 2011 2012 2013 2014 2015 2016 US$ Millions Cargo Collision Crew FFO Injury Others Passenger Pollution Wreck $713m

$895m

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Piraeus Hong Kong London Bermuda Rio de Janeiro

Aquatical House 39 Bell Lane London E1 7LU UK Washington Mall II Unit 41622 Church Street PO Box HM 601 Hamilton HM CX Bermuda Avenida Rio Branco 151/1305/1307 Centro Rio de Janeiro-RJ 20040-006 Brazil Room 1901-02 Jubilee Centre 18 Fenwick Street Wanchai Hong Kong 7th Floor Livanos Building 47-49 Akti Miaouli 185 36 Piraeus Greece

Steamship Mutual Offices

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Underwriting Contacts

Jonathan Andrews

Director Head of Eastern Underwriting

Direct Tel: +44 20 7650 6427 Mobile: +44 7785 280233 E-mail: Jonathan.Andrews@simsl.com

Rupert Harris

Director - Head of Reinsurance and European Underwriting

Direct Tel: +44 20 7650 6644 Mobile: +44 7979 240916 E-mail: Rupert.Harris@simsl.com

Gary Field

Director Head of Americas Underwriting

Direct Tel: +44 20 7650 6498 Mobile: +44 7968 971510 E-mail: Gary.Field@simsl.com

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The Steamship Mutual Underwriting Association Limited Managers Steamship P&I Management LLP Aquatical House 39 Bell Lane London E1 7LU T: +44 20 7247 5490 @SteamshipMutual