Steamship Mutual has reported an $87m investment return in the first 11 months of the current financial year.
It revealed the gain following its recent board meeting in Manila.
The positive return will contribute to a further improvement in its finances.
A-rated Steamship Mutual earlier announced its balance sheet is strong enough to make a capital distribution to members, amounting to 7.5% of premium in the current financial year.
The UK-based mutual is also forecasting its technical underwriting will be profitable, indicated by a combined ratio under 100%.
So far its own incurred claims are less than expected, and it has had no claims over $10m, which are included in the International Group of P&I Clubs pool.
Prior-year claims have also performed “favourably”, Steamship Mutual said.
CEO Jonathan Andrews said the insurer is already considering a further rebate to members in the next policy year.
“The club’s financial strength allowed the board to agree a capital distribution for the 2023 policy year of $25m. In 2024, the board will again consider further capital distribution to members,” he said.
Steamship Mutual is currently preparing for the annual policy renewal on 20 February. It is aiming for a general increase of 5% from its shipowner members.
The indications are that its entered fleet will continue to grow after renewal.
Steamship Mutual’s owned tonnage has increased by 6.6% so far this year to 124.2m gt, ranking it as the fourth-largest member of the International Group.
In June, Magsaysay Group president Doris Ho was appointed chair of Steamship Mutual’s Bermuda board.
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.
