Agreements play a vital role in various aspects of our lives, from the business World to legal matters. They serve as binding documents that outline the terms .
The Report and Accounts for the year ending 20 February 2022 for The West of England Ship Owners Mutual Insurance Association (Luxembourg) were approved, on 11 May 2022, by the Board who are pleased to report that, despite another year of challenging operating conditions, the Club’s technical performance materially improved and the capital position remains .
• Strong investment return of USD59.0m, equivalent to 7.2%
• Negative underwriting result with net claims significantly in excess of net premiums
• Increase in free reserves of USD27.0m
• USD10.0m capital distribution in October 2020
• Strong 2021/22 renewal with growth rate target attained and increases in owned and chartered tonnage
• Part VII Transfer at 20 February moved the majority of the historic book from the UK to Luxembourg
• In March 2021 S&P affirmed the rating of A (Strong) with a Stable outlook for the reorganised and redomiciled Group
• Britannia’s robust operating model has maintained service standards to Members despite widespread remote working
FINANCIAL OVERVIEW