Financial

At 20 February 2018, the Club’s overall financial position remains robust, and has strengthened again with the Free Reserve increasing to $308.5 million, its highest level ever.

More details can be found in the 2018 Financial Highlights flyer or Annual Report and Accounts:

              

Calls and Release percentage figures are also set out below.

West of England is rated A- by Standard & Poor’s.

 

Class 1 Owners by policy year 2014 2015 2016 2017 2018
Gross Tonnage (pro rata - millions) 59.2 68.4 73.4 83.7 90.6
Number of vessels

2,891

3,046 3,116 3,396 3,571

 

Policy Year Call and Release Information

At the Club’s Board Meeting in May 2018, the 2015 Policy Year for Class 1 and the 2014 Policy Year 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% 0% 7.4% 15.0%
Policy Year Status Closed Closed Closed 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% 0% 7.4% 15.0%
Policy Year Status Closed Closed Open Open Open Open 

 

It is a requirement for International Group Clubs to consider all the factors set out in Clause 8 of the International Group Agreement in setting the release call percentages and a further requirement that the history of release call rates for P&I is published. The relevant figures for West of England, on the basis of calling for Policy Years up to and including Policy Year 2018 are as follows:

Release Calls 
Policy Year 2014 2015 2016 2017 2018*
Original Release
Revision at 6 months
Revision at 12 months
Revision at 18 months
Revision at 24 months
Revision at 30 months
  30%
30%
10%
10%
0%
0%
25%
20%
10%
10%
0%
0%
20%
20%
10%
10%
0%

20%
20%
10%



15%





Current Release, open years     0% 10% 15% 

*For Policy Years up to and including 2017, the release call percentage is expressed as a percentage of the advance call (excluding the charge for International Group reinsurance cost). For Policy Year 2018 the release call percentage is expressed as a percentage of the Estimated Total Mutual Call (excluding the charge for International Group reinsurance cost). 

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