The UK Club has reported a $32m deficit for the year ending 20 February 2019.
The London based protection and indemnity (P&I) mutual said that claims in excess of $3m had doubled in the year leading to a combined ratio of 114%.
A combined ratio over 100% indicates a technical underwriting loss.
“ The cost associated with these additional claims was nearly $40 million which equates to an additional 15% on the combined ratio,” the Andrew Taylor-led UK Club said in its earnings statement.
