The UK Mutual Steam Ship Assurance Association unveiled the best financial performance for many years as it highlighted continued faith in the benefits of mergers or acquisitions.
The UK Club reported a basic profit for the year to February of $72m. But forward currency contracts added another $10m, so the free reserve rose by $82m to $540m, with a subordinated $100m loan that qualifies as hybrid capital lifting the kitty to $640m.
