Steamship Mutual Management Highlights 2011

Steamship Mutual, a leading P&I Club, has released its 2011 Management Highlights. This includes an introduction from the Club’s Chairman, Heinrich Schoeller, together with statements from the CEO, Gary Rynsard and the COO, Stephen Martin. 

“A successful year for the Club sees strategic objectives being achieved”.
Heinrich Schoeller

“A year of strong performance for the Club in all areas of the business”.
Gary Rynsard

“Members and their brokers are increasingly influenced by demonstrable risk management, transparency and good governance”.
Stephen Martin

Summary of Results

• Free reserves rise to US$ 303.3 million.
• Three year average combined ratio improves to 91.3%.
• Total entered tonnage rises to approximately 92 million GT.
• Worsening of attritional claims offset by decrease in large losses.
• Combined gain on investments of US$ 32.98 million.

To demonstrate the value placed on seafarers and express respect for what they do, the pictorial theme for this year’s report is “Life at sea…”. The text also focuses upon the topic of piracy which is undoubtedly the most serious challenge facing the industry today and is estimated to cost billions of dollars each year. Far greater than the financial cost to the industry is the human cost in terms of loss of life and the suffering of seafarers and their families. The frustration and anger amongst seafarers and those more widely involved in the industry is understandable and the Managers feel that we, and everyone in the industry, have a responsibility to voice our concern when the opportunity arises. Ultimately the solution to the problem must lie in concerted international government action, which regrettably is slow to materialise. In the meantime the Managers are taking practical steps to highlight this issue and during the course of the year will launch a DVD on the subject of piracy to encourage widespread compliance with BMP Guidelines.

…Ends…

Note to Editors: Additional photography and 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 insures a diverse range of shipping around the globe, 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 high quality professional claims management and services, backed by a stable financial position and 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 including qualified lawyers, ex-senior mariners, and specialist insurance and claims experts.

For further information visit: www.simsl.com