Nearly all of the protection and indemnity mutuals have diversified in recent years into the fixed premium market for small ships, in which the Shipowners' Club specialises.
The Shipowners' Club has had its own fixed premium facility since 1997, which was initially provided for fishing vessels.
However, the club prefers tonnage to be placed with the mutual side of the business.
The challenge for the club will be keeping its advantage in the small ship sector in the face of growing competition.
One advantage is a strong regional presence in the small ship market in Asia. Its Singapore office is staffed by 40 employees, and is the largest overseas outpost among the International Group of P&I Clubs' members.
The office positions the club well for growth in other regions such as Indonesia and East Asia.
Swallow also sees growth opportunities in the renewable energy and yacht market, in which it has now become established.
In preparation for the future market, the Shipowners' Club is the only mutual to have a P&I policy for automated ships.
"Autonomous ships are going to happen, and we all have to prepare for that," Swallow said.
While the market for smaller ships is increasingly competitive, Swallow said the club is not planning to target larger vessels. He described that market as "finite", where business is intense between the P&I clubs.
"We don't get involved for that type of business, it is so competitive, and you've got everyone chasing it," he said.
But the Shipowners' Club is ready to consider moving into insuring larger ships to support existing members. For example, a barge owner entered with the club who wants to own a 20,000-dwt bulker for regional operation might be considered now.
"Our risk appetite has changed a little bit," Swallow said. "At one time we would have said, 'sorry, can't do that, it's too big'. But now we would say, 'we will have a look at it'."
