Financial
West's financial strength and stability continues
20 February 2020:
The Club’s overall financial position remained robust, and the Free Reserve is $338.1 million.
20 Feb 2020 Financial Highlights
| Class 1 Owners by policy year | 2017 | 2018 | 2019 | 2020 |
| Gross Tonnage (pro rata - millions) | 83.6 | 90.5 | 93.9 | 101.3 |
| Number of vessels | 3,378 | 3,661 | 3,821 | 4,273 |
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 2020, the 2017 Policy Year for Class 1 and the 2016 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 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
| 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 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
| 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 2020 are as follows:
Release Calls
| Policy Year | 2016 | 2017 | 2018 | 2019 | 2020 |
| Original release | 20% | 20% | 15% | 15% | 15% |
| Revision at 6 months | 20% | 20% | 15% | 15% | |
| Revision at 12 months | 10% | 10% | 7.5% | 7.5% | |
| Revision at 18 months | 10% | 10% | 7.5% | ||
| Revision at 24 months | 0% | 0% | 0% | ||
| Revision 30 months | 0% | 0% | |||
| Current Release, open years | 0% | 7.5% | 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)