Gary Rynsard News

Steamship Mutual: Return to Positive Underwriting Results

Steamship Mutual has released its financial results following approval of its 2013/14 Report & Accounts by the Board of the Club. The club achieved a financial year combined ratio of 96.7%, whilst maintaining a low risk investment strategy during the year (the combined investment portfolio recorded a modest 0.9% gain of US$8.4 million). Total cash and investments increased by 3.1% to US$973.8 million and free reserves by US$15 million to US$301.2 million. When compared to 2012/13, the club experienced fewer claims in the layers below US$250,000 and a lower average cost of such claims, but a greater number of larger claims above US$250,000.