Steamship Mutual reports free reserves over US$300 million for 2011

Steamship Mutual, the leading global P&I Club today announces that during the 2010/11 financial year the Club’s underwriting performance has continued to strengthen and it has made good progress towards meeting its financial objectives. An operating surplus of US$51.7 million has increased free reserves by 20% to US$ 303.3 million.

In December 2010 Standard and Poor’s upgraded the Club’s financial strength rating to A- with a stable outlook reflecting its increased capitalisation, expectations for continued underwriting discipline and implementation of the new investment strategy.

Gary Rynsard, CEO, commented,

“The strengthening underwriting performance resulted in a surplus of US$21.1 million and a reduction in the three year average combined ratio to 91.3%. Steamship Mutual’s combined investment portfolio recorded a gain of US$32.9 million despite a defensive positioning of the assets and the total level of cash and investments increased to US$824.2 million.

Encouragingly 2011 proved to be another positive renewal for the Club and we hope that the rest of the year will see the Club continue to prosper.”

Highlights

• Free reserves rise 20% to US$303.3 million;
• Three year average combined ratio falls to 91.3%, excluding additional premium;
• Combined gain on investments of US$32.9 million, a 3.8% return;
• Owned and chartered tonnage increased from 83 million GT to 92 million GT;
• Over the year owned entered tonnage increases by 6.2 million GT.
• 2008/9 policy year closed

A detailed analysis of the Club’s performance will be reported in the forthcoming Management Highlights



Note to Editors: Photography and additional comments are available upon request

Press contact:

Jackie Callard
+44 (0)20 7650 6515
Jackie.callard@simsl.com

About Steamship Mutual

Steamship Mutual (managed by Steamship Insurance Management Services Limited) is a leading provider of Protection & Indemnity (P&I) insurance. As one of the largest P&I Clubs in the International Group, Steamship Mutual globally insures a diverse range of vessel tonnage, for both shipowners and charterers.

Steamship Mutual offers a comprehensive range of P&I products and ancillary covers. The Club consistently delivers a first-rate service to its members, providing exceptional claims management and servicing, backed by a stable financial position with strong free reserves.

With offices in London, Bermuda, Hong Kong, Brazil and Correspondents in every major shipping port worldwide, Steamship Mutual employs highly professional and experienced staff many of which are qualified lawyers, ex-senior mariners and specialist insurance and claims experts.

For further information visit: www.simsl.com