Financial

The Club’s published Reports and Accounts and other financial information can be viewed or downloaded from this website. The Accounts for 20 February 2017 have been published and the key figures are set out below.

At 20 February 2017, the Club’s overall financial position has strengthened again, mainly as a result of another year of positive claims figures. The free reserve has increased by 11% to $306.5 million.

Calls and Release percentage figures are also set out below.

West of England is rated A- by both Standard & Poor’s and A.M. Best.

 

Highlights Charts 2017

 

Class 1 Owners by policy year 2013 2014 2015 2016 2017
Gross Tonnage (pro rata - millions) 53.7 59.2 68.4 73.5 80.5
Number of vessels

2,863

2,890 3,046 3,142 3,315

 

Policy Year Call and Release Information

At the Club’s Board Meeting in May 2017, the 2014 Policy Year for Class 1 and the 2012 and 2013 Policy Years for Class 2 were closed. At its September 2017 Meeting, the Board announced a change to a total mutual call basis of calling (Notice to Members No. 17 2017/18).

The position regarding call and release call percentages is shown below. For Class 1, the call is net, excluding any charge for International Group reinsurance cost which West of England recharges to its Members at cost.

 

Class 1 P&I 

Policy Year 2013 2014 2015 2016 2017 2018
Current Release as a % of
Estimated Total Mutual Call
0% 0% 0% 7.4% 14.8% 15.0%
Policy Year Status Closed Closed Open Open Open Open 

 

Class 2 F,D&D

Policy Year 2013 2014 2015 2016 2017 2018 
Current Release as a % of
Estimated Total Mutual Call
0% 0% 0% 7.4% 14.8% 15.0%
Policy Year Status Closed Open Open Open Open Open 

 

It is a requirement for International Group Clubs to publish their history of release rates for P&I. The relevant figures for West of England, on the basis of calling for Policy Years up to and including Policy Year 2017 where the release is expressed as a percentage of the advance call (excluding the charge for International Group reinsurance cost) are as follows:

Release Calls as a percentage of Advance Call
Policy Year 2013 2014 2015 2016 2017
Original Release
Revision at 6 months
Revision at 12 months
Revision at 18 months
Revision at 24 months
Revision at 30 months
30%
30%
15%
15%
5%
5%
30%
30%
10%
10%
0%
0%
25%
20%
10%
10%
0%

20%
20%
10%



20%





Current Release, open years     0% 10% 20%

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