THE Shipowners' Club, the specialist P&I insurer serving the global, smaller and specialist vessel sectors, has announced that gross written premium stood at US$209.7 million, a 6.5 per cent increase over the previous fiscal year ending February 20.

Membership was also up by 5.3 per cent to 5,922; vessels entered increased by 8.1 per cent to 31,341; and gross tonnage rose to 19.8 million, up 11.2 per cent.

Shipowners' financial security was also reinforced by a growth in free reserves to $234.5 million resulting in total funds of US$502 million, an increase of 16.5 per cent on the position at the previous year end.

Said club CEO Charles Hume: "We believe that our further growth last year is indicative of the continued strength and stability which our members find in the club during uncertain and volatile times."

Given the difficult trading conditions in all markets over the 12-month operating period, Shipowners was also pleased with its strong technical performance. The overall surplus of $46.5 million consisted of an underwriting surplus, up 13 per cent on last year at $28.6 million and an investment return of $18.9 million before taxation. The underwriting result represents a combined ratio of 84.9 per cent. In line with the previous year, the investment result showed a 4.8 per cent return on capital.

"Our technical result confirms our determination to underwrite to a modest surplus and is reflected in our average combined ratio over a 10-year period of 97.1 per cent," said Mr Hume.