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

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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

Yearly 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 Closed0% 15% 15%

Useful Financial Resources