Resilient results

The Shipowners’ Club has reported resilient results for the year ending 31 December 2018, with a combined ratio of 104.2 per cent, against the budgeted 105 per cent. Tonnage increased by 6.9 per cent to 27.3 m tonnes and insured vessel numbers increased by 3.5 per cent to 34,094. There was a reduction in capital and free reserves of US$37.9 million, taking net assets to $303.8 million. Chairman Philip Orme said: “The Club anticipated the difficult trading conditions for many of our members and, in the spirit of mutuality, chose to budget for a small underwriting deficit, rather than seek additional premium. It has been pleasing to note that the first quarter of 2019 has seen an upturn in investment markets to the extent that the Club has substantially recovered the 2018 investment deficit.”