Steamship Mutual has said its financial position is still robust enough to consider returning further cash to members after reporting an underwriting loss and seeing its reserves shrink.
Armand Pohan, chairman of the London-based protection and indemnity insurer, described the club’s finances as “still strong” despite reporting a combined ratio of 116%, indicating an underwriting loss.
Steamship also saw its cash reserves fall from $516m to $467m in the policy year to 20 February 2019, the mutual said in its latest financial report.
