The Steamship Mutual Underwriting Association (Bermuda) Limited

Steamship Bermuda started underwriting P&I cover with effect from 20th February 1975, on behalf of owners who had previously been Members of Steamship London. Steamship Bermuda was established by Act of the Bermudian Legislature on 24th June 1974 and, as such, is an exempt Company under the relevant Bermudian legislation and is not subject to exchange control or taxation. It is authorised to underwrite or reinsure marine business generally. The Chairman is appointed by the Board for a term of three years, running from the July Board Meeting in the relevant year.

As a Bermudian exempt Company, Steamship Bermuda employs a Bermudian management company, Steamship Mutual Management (Bermuda) Limited. The management of the majority of the day to day functions of the Association is delegated to the management company by the Board. Mr. R.A. Jones is the President and Chief Executive of the management company.

Because of the worldwide nature of the Association's Membership, and the need to have access to expert staff which are not available in sufficient numbers in Bermuda, Steamship Mutual Management (Bermuda) Limited has appointed representatives in London (Steamship Insurance Management), Hong Kong (Steamship Mutual Management (Hong Kong) Limited) and Rio.

Steamship Bermuda is a Member of the International Group of P&I Clubs, and as such its excess loss reinsurance programme is arranged through the International Group Reinsurance Pool and the International Group Excess Loss Reinsurance Contract. All risks retained by Steamship Bermuda in relation to owned tonnage and tonnage chartered by owner Members are reinsured by contracts placed on an annual basis with its wholly owned subsidiary, Steamship Mutual Underwriting Association (Reinsurance) Limited (Steamship Reinsurance).

The Directors of Steamship Bermuda are also Directors of Steamship Reinsurance. Steamship Reinsurance reinsures its retained risk with The Steamship Mutual Underwriting Association Trustees (Bermuda) Limited, the Corporate Trustee of The Steamship Mutual Trust. In addition to its insurance role, Steamship Reinsurance also wholly owns Steamship Mutual Property Holdings Limited, a Bermudian registered Company that owns a property in London which is occupied, under licence, by the partners of Steamship Insurance Management and staff of Steamship Insurance Management Services Limited.