Financial
Position strengthened with successful renewal
The Club’s overall
financial position remained robust, and the Solvency Coverage is unchanged at
163%.
West has announced its financial results for 2021. Thanks to the successful implementation of a planned renewal strategy built around necessary premium increases and selective de-risking, West is in a strong position to meet future challenges.
Here our Group CEO, Tom Bowsher discusses our results and renewal in more detail.
Financial Overview
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.
Here we have highlighted all of the key results and performance factors including;- Operating performance
- Investment performance
- Financial and rating strength
- Renewals
- YOY comparisons, inc. pool position
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Financial Overview 2022 PDF (1.3 MB)
Financial Strength Rating
West of England maintains a financial strength rating with Standard & Poor’s (S&P). S&P is the world's leading index provider and source of independent credit ratings and provides ratings for all of the members of the International Group of P&I Clubs.
West of England is rated: long-term Financial Strength Rating of A- (strong) with a negative outlook. An insurer rated ‘A’ has “strong financial security characteristics”.
More details can be found on the Standard & Poors website www.standardandpoors.com.
Solvency & Financial Condition Report
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SFCR 2021 PDF (2.1 MB)
More information about the latest Solvency & Financial Condition Report
Visit pageClub's Entry
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Policy Year Call and Release Information
As the Club's Board Meeting in May 2022, the 2019 Policy Year for Class 1 and the 2018 Policy Year for Class 2 were closed.
The position regarding call and release call percentages is shown below.
Class 1 P&I
| Policy Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
| Current Release as a % of Estimated Total Mutual Call | 0% | 0% | 0% | 10% | 15.0% | 15.0% |
| Policy Year Status | Closed | Closed | Closed | Open | Open | Open |
Class 2 F,D&D
| Policy Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
| Current Release as a % of Estimated Total Mutual Call | 0% | 0% | 0% | 10% | 15.0% | 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 2022 are as follows:
Release Calls
| Policy Year | 2018 | 2019 | 2020 | 2021 | 2022 |
| Original release | 15% | 15% | 15% | 15% | 15% |
| Revision at 6 months | 15% | 15% | 15% | 15% | |
| Revision at 12 months | 7.5% | 7.5% | 15% | 15% | |
| Revision at 18 months | 7.5% | 7.5% | 15% | ||
| Revision at 24 months | 0% | 0% | 10% | ||
| Revision 30 months | 0% | 0% | |||
| Current Release, open years | Closed | Closed | 10% | 15% | 15% |
Useful Financial Resources
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Annual Review 2021 PDF (2.2 MB)
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Report & Accounts 2021 PDF (6.3 MB)