UK P&I Club Announces Financial Results

The UK P&I Club (‘the Club’), one of the leading  providers of shipping protection and indemnity insurance, today announces its financial results for the year ended 20 February 2014 and restoration by ratings agency Standard and Poor’s of the Club’s full ‘A (stable)’ rating.

Alan Olivier, Chairman and President of the UK P&I Club, said: “The past 12 months have seen the Club return to the top levels of our industry, both in terms of capital and its underwriting discipline. This was endorsed by Standard & Poor’s in their decision to restore the Club’s full ‘A (stable)’ rating. This year the Club has produced a surplus of $30 million, taking the Club’s total capital to a new high of $528 million, a sound underwriting result in the face of mounting claims costs during the 2013 policy year. This level of capital will enable us to meet the regulatory requirements imposed by the Solvency II Directive.

“I feel very privileged to have taken the chairmanship of the Club at a turning point in its fortunes. Over the past five years the Club has been able to rebuild its capital base, extend disciplined underwriting and further improve its service proposition. Despite persistent challenging global market conditions, I look forward to working with the board and the managers to ensure the Club’s position as the market’s leading shipowner controlled P&I Club is maintained.”

Hugo Wynn-Williams, Chief Executive of UK P&I Club said: “This is a tremendous result which, together with S&P’s decision to restore the Club’s full ‘A (stable)’ rating, echoes the market’s continued confidence in the Club. We remain focused on maintaining our position as the leading shipowner controlled provider of P&I insurance.”