Protection and indemnity insurer Steamship Mutual has reported an underwriting loss for the 2020 policy year.
The London-based mutual said its combined ratio, which reflects the balance of premium income and expenses, was 125.4% compared to a marginally profitable 99.8% in the previous year. A combined ratio over 100% represents a loss.
Over the last six years, Steamship Mutual’s combined ratio has averaged 99.2%.
