Magsaysay Group president Doris Ho is to chair the Bermuda board of protection and indemnity club Steamship Mutual.

The appointment was announced following the P&I mutual’s board meeting in Athens.

It is not only the first time Steamship Mutual has appointed a woman to head one of its shipowner boards, but also the first such appointment among the International Group of P&I Clubs’ 12 members.

Ho is replacing Sloman Neptun’s Sven Edye in the role.

She was recognised as Global Filipino Executive of the Year in 2012 and as Shero of the Year in 2019 at the Asia CEO Awards.

Armand Pohan also steps down as chair of the London board to be replaced by Buckley Mcalister, while Carlos Madinabeitia takes over from Carsten Sommerhage as the head of the European Board.

Steamship Mutual reported a positive underwriting performance for the year ending 20 February 2023.

In the policy year, it achieved a profitable underwriting result with a combined ratio of 95.4% compared to a loss-making 112.7% in the previous year.

The London-based mutual is also showing growth with its entered mutual tonnage increasing by 6.3% to 117m gt in the year.

On a less positive note, it made an unrealised loss on investments of $26.8m.

Free reserves declined to $454m, compared to $473m in the previous year. Steamship Mutual said it still remains comfortably within its S&P Global Ratings AAA capital adequacy rating.

Commenting on this year’s financial result, chief executive Jonathan Andrews said: “The club has grown significantly in recent years to become the 4th largest club by premium income and 5th largest by tonnage in the International Group; employing over 200 staff in eight global offices.

“In 2023 we have achieved our strategic aim of breakeven — or better — underwriting. Our strong growth has been and is focussed on high-quality operators, whose membership contributes to the club’s strategic goals.”