Management Highlights

Chairman of the Board's Introduction
"A successful year for the Club sees strategic objectives being achieved." Heinrich Schoeller

Chief Executive Officer's Statement
"A year of strong performance for the Club in all areas of teh business." Gary Rynsard

Chief Operating Officer's Statement
"Members and their brokers are increasingly influenced by demonstrable risk management, transparency and good governance." Stephen Martin

Underwriting

• Owned business increases by 9.7% year on year to 57.9 million GT 
• Total tonnage rises to approximately 92 million GT
• Three year average combined ratio improves to 91.3%

P&I Claims

• Overall claims experience for 2010 was very similar to the previous two years
• Worsening of attritional claims offset by decrease in large losses 
• The overall value of Pool claims for 2010 is slightly less than that of 2009, despite the increase in the retention level
• The frequency and severity of large crew claims was lower in 2010 than in the preceding year
• The frequency and severity of large cargo claims in 2010 was significantly higher than the unusually benign experience for this catergory in 2009

Safety and Loss Prevention

• Risk alert bulletins published regularly, providing informationon on a number of wide-ranging topics
• Further Loss Prevention posters produced dealing with Personal Safety and Hygiene in the Galley
• Further onboard training programmes produced in association with Videotel dealing with Dangerous and Difficult Bulk Cargoes and Personal Safety on Superyachts
• The forthcoming DVD on the subject of Piracy seeks to encourage widespread compliance with BMP Guidelines
• Condition surveys continue to support the management of claims risk and vessel quality 

Pooling and Reinsurance

• The record of the Group's Excess Loss contract continues to improve
• The poor years 2006 and 2007 have reached stability, albeit at a high level
• The 2008 year continues to improve

Current Group Issues

• International Sanctions
• Piracy off Somalia
• Deepwater Horizon
• Chinese Pollution Regulations

Investments

• Combined gain on investments of US$ 32.98 million


• Managers' Report
• Accountants' Report
• Combined Income and Expenditure Account
• Combined Balance Sheet
• Notes to the Combined Financial Statements
• Combined Policy Year Statement - All Classes
• Combined Policy Year Statement - P&I Class 
• Combined Average Expense Ratio

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