Financial
20 February 2021 - West’s capital remains strong despite difficult operating conditions in 2020
The Club’s overall financial position remained robust, and the Free Reserve is $291.1 million.
20 Feb 2021 Financial Overview
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 2020 PDF (2.3 MB)
More information about the latest Solvency & Financial Condition Report
Visit pageYearly Growth
| Class 1 Owners by policy year | 2018 | 2019 | 2020 | 2021 |
| Gross Tonnage (pro rata - millions) | 90.5 | 93.9 | 102.0 | 106.4 |
| Number of vessels | 3,660 | 3,814 | 4,289 | 4,804 |
Policy Year Call and Release Information
At the Club’s Board Meeting in May 2021, the 2018 Policy Year for Class 1 and the 2017 Policy Year for Class 2 were closed.
The position regarding call and release call percentages is shown below.
Class 1 P&I
| Policy Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| Current Release as a % of Estimated Total Mutual Call | 0% | 0% | 0% | 0% | 15.0% | 15.0% |
| Policy Year Status | Closed | Closed | Closed | Open | Open | Open |
Class 2 F,D&D
| Policy Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| Current Release as a % of Estimated Total Mutual Call | 0% | 0% | 0% | 0% | 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 2021 are as follows:
Release Calls
| Policy Year | 2017 | 2018 | 2019 | 2020 | 2021 |
| Original release | 20% | 15% | 15% | 15% | 15% |
| Revision at 6 months | 20% | 15% | 15% | 15% | |
| Revision at 12 months | 10% | 7.5% | 7.5% | 15% | |
| Revision at 18 months | 10% | 7.5% | 7.5% | ||
| Revision at 24 months | 0% | 0% | 0% | ||
| Revision 30 months | 0% | 0% | |||
| Current Release, open years | Closed | Closed | 0% | 15% | 15% |
Useful Financial Resources
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Financial Highlights 2020 PDF (184.5 KB)
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Financial Highlights Mid-Year Update 2019 PDF (212.2 KB)