The Steamship Mutual Trust (the Trust) and its Corporate Trustee, The Steamship Mutual Underwriting Association Trustees (Bermuda) Limited (Trustees) was set up in 1983 in Bermuda. Trustees is a registered insurer under Bermudian law, and this enables the Trust to act as an independent insurer for the benefit of the beneficiaries under the Trust Deed. These are, in addition to a number of named charities, all the Members for the time being of Steamship Bermuda.
Trustees underwrites an annual reinsurance contract for Steamship Reinsurance covering all risks accepted by that Company. The Chairman for the time being of Steamship Bermuda is also ex-officio a Director of Trustees. The Chairman of Trustees is generally appointed for a maximum term of four years. The post is currently held by Mr. H.S. Frank.
Trustees employs a Bermudian management company, Hamilton Investment Management Limited (Hamilton). Pursuant to its role in assisting Trustees with the management of the Trust's funds, Hamilton has retained financial advisers, currently including Bank of New York Mellon (Matching bond portfolio and cash funds), Capital International (International fixed income), Metropolitan West (US dollar fixed income), Black Rock and Corbin Capital Partners (Hedge funds of funds), Goldman Sachs (Cash liquidity funds) and Watson Wyatt as investment Consultants. Mr. J.G. Conyers is Chairman and President of Hamilton.
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