The club lost $9.6m through the year to 20 February following a $7.5m deficit the previous year.
Steamship Mutual’s free reserve has shrunk to $286.2 but the club notes this is above current and prospective regulatory requirements.
The club, chaired by Heinrich Schoeller of Columbia Shipmanagement, made a $27m investment gain equivalent to a 3% return.
But the combined ratio was 112.5%, indicating a sizeable underwriting loss, although this was a 2.2%
