The club, which has more than two thirds of the Greek controlled fleet on its books, decided that after a good year with pirate activity down, it could afford a concession to members caught in a difficult shipping market.
The mutual made a $13.2m surplus last year to lift the reserve at the end of 2012 to $98.4m, with subsequent progress seeing the total pass the $100m mark in May.
The Hellenic War Risks Club benefited from a significant downturn in Somali piracy and lower reinsurance costs.
During 2011 four insured ships were hijacked by Somali pirates but last year just one ship was seized, FreeSeas 22,000-dwt Free Goddess (built 1985) which was held for 250 days before the ship, cargo and crew were ransomed.
For many shipowners, the annual premium is a much smaller part of the war risks insurance bill than the additional premiums paid for short term cover in high risk areas, but the balance depends on the trading pattern of individual fleets.
Premiums have been falling as the pirate threat has diminished, at least off Somalia, although the threat in West Africa is increasing. The club also offers a 50% discount on additional premiums to ships with armed security guards.
There was an underwriting surplus of $10.6m through 2012, and an investment gain of $2.6m, equivalent to a return of 3.5%.
Ships insured by the Thomas Miller managed Hellenic War Risks Club made 3,200 transits of the Gulf of Aden and Indian Ocean last year,
The club covers about 2,200 vessels valued at $78bn.
