Highlights

• Owned tonnage increased by 4.8%

Change of Financial Year End

• Shipowners' Club has decided to change their reporting year, to move to a calendar year basis of financial reporting
• Consequently the figures for 2015 in the table above are for the short period from 20 February 2015 to 31 December 2015.
• Extrapolating the premium from the short period reported pro rata to a full policy year period, would indicate roughly a 1.4% reduction in premium.
• Again, extrapolating from the short period reported pro rata to a full policy year, would suggest approximately an 8.7% increase in incurred claims
• USD 3.25 million underwriting surplus for the short period
• Combined ratio in 2015: 98.2% (slightly deteriorated from the 2014/15 figure of 94.6%) Negative investment return (-3% return on capital)
• Overall deficit for the 314 day period of USD 20.9 million
• Assets increased by 1.4%, Free Reserves reduced by 7%