West finances

The West of England P&I Club has announced its financial results for 2021. It reports that due to the implementation of a planned renewal strategy built around necessary premium increases and selective de-risking, West is in a strong position to meet future challenges. An improved technical performance saw West’s combined ratio improve to 114 per cent, despite a particularly challenging environment for the industry. Without Covid-19 claims the reported combined ratio would have been below 101 per cent. The Club’s free reserve is US$251.2 million and the capital position remains strong, with West’s solvency coverage at 163 per cent, unchanged from 2020 and a rating of A- re-affirmed by S&P in November.