Financial

At 20 February 2019, the Club’s overall financial position remains robust, and the Free Reserve is $306.4 million.

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Class 1 Owners by policy year 2016 2017 2018 2019
Gross Tonnage (pro rata - millions) 73.4 83.6 90.5 92.8
Number of vessels 3,116 3,378 3,667 3,742

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 stable outlook. An insurer rated ‘A’ has “strong financial security characteristics”.

More details can be found on the Standard & Poors website www.standardandpoors.com.

Policy Year Call and Release Information

At the Club’s Board Meeting in May 2019, the 2016 Policy Year for Class 1 and the 2015 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 2014 2015 2016 2017 2018 2019
Current Release as a % of Estimated Total Mutual Call 0% 0% 0% 0% 7.5% 15.0%
Policy Year Status Closed Closed Closed Open Open Open

Class 2 F,D&D

Policy Year 2014 2015 2016 2017 2018 2019
Current Release as a % of Estimated Total Mutual Call 0% 0% 0% 0% 7.5% 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 2019 are as follows:

Release Calls

Policy Year 2015 2016 2017 2018* 2019*
Original release 25% 20% 20% 15% 15%
Revision at 6 months 20% 20% 20% 15%
Revision at 12 months 10% 10% 10% 7.5%
Revision at 18 months 10% 10% 10%
Revision at 24 months 0% 0% 0%
Revision 30 months 0% 0%
Current Release, open years 0% 0% 7.5% 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 Years 2018 and 2019 the release call percentage is expressed as a percentage of the Estimated Total Mutual Call (excluding the charge for International Group reinsurance cost).

Useful Financial Resources

More here