Steamship Mutual Underwriting Association is poised to report only a modest profit as it draws a line under three exceptionally lucrative years.
The protection and indemnity club only made a $5.7m surplus for the year to February 2018, in contrast to the more than $200m rang up over the previous three years.
The reduction in profitability reflects premium returns to members and four years without general increases, so paints rather too pessimistic a picture of Steamship Mutual’s performance.
