The Steamship Mutual Underwriting Association Limited
The Steamship Mutual Underwriting Association Limited (Steamship London) was established in London in 1909, and underwrote mutual P&I and Defence cover until 1974. As at 20th February 1975, the majority of its P&I Membership transferred to The Steamship Mutual Underwriting Association (Bermuda) Limited (Steamship Bermuda) and Steamship London ceased underwriting P&I cover completely with effect from 20th February 1976. Thereafter it has continued to handle the "run-off" of P&I claims arising up until that date. Steamship London continued actively to underwrite Defence (Class 2) cover subsequently, but this activity finally ceased with effect from 20th February 1987 and the Membership transferred to Steamship Bermuda thereafter. As the Membership of Steamship London has transferred to Steamship Bermuda, so the latter has undertaken reinsurance contracts with Steamship London: all of Steamship London's "run-off" is fully reinsured by Steamship Bermuda.
From 1975, Steamship London undertook the role of London representative to the Managers of Steamship Bermuda in addition to underwriting and claims handling activities on its own account. With effect from 20th February 2000 Steamship London ceased to act as London representatives. This role was transferred by the Managers of Steamship Bermuda to Steamship Insurance Management (SIM). Steamship London has also employed SIM as Managers with effect from 20th February 2000.
Steamship London obtained permission from the FSA on 8th October 2002 to re-commence active underwriting. As an EU established underwriter it is in a position to write European based risks in the event that the EU Third Non-Life Directive were to be applied compulsorily to P&I.
The Board of Directors of Steamship London is largely comprised of active shipowners some of whom are or were also Directors of Steamship Bermuda and is currently under the Chairmanship of Mr. M. Souri.
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