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Strong Financial Results Strengthen Capital 

Financial update video 2024

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AM-Best
West A- rating, stable outlook re-affirmed by AM Best

West P&I has again been assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) by AM Best. The outlook assigned to these Credit Ratings (ratings) is stable.

Francis Corrigan
Francis Corrigan
Chief Financial Officer

Financial Strength Rating

West of England is rated: long-term Financial Strength Rating of A- (Excellent) with a stable outlook and strong levels of capitalisation.

More details can be found on the AM Best website here.

Solvency & Financial Condition Report

Club's Entry

20202021202220232024 f

Class 1 Owners Gross
Tonnage (pro rata - millions)

101.9
106.892.4
97.299.5

Class 1 Owners number of vessels

4,282
4,8044,6344,8244,890
Total gross premium ($m)
243.0
266.5293.2325.6355.0


Policy Year Call and Release Information

As the Club's Board Meeting in May 2024, the 2021 Policy Year for Class 1 and the 2020 Policy Year for Class 2 were closed.

The position regarding call and release call percentages is shown below.

Class 1 P&I

Policy Year 2019 2020 2021 2022 2023 2024
Current Release as a % of Estimated Total Mutual Call 0% 0% 0% 7.5% 15.0% 15.0%
Policy Year Status Closed Closed Closed Open Open Open

Class 2 F,D&D

Policy Year 2019 20202021 2022 2023 2024
Current Release as a % of Estimated Total Mutual Call 0% 0% 0% 7.5% 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 2024 are as follows:

Release Calls

Policy Year 2020 2021 2022 2023 2024
Original release 15% 15% 15% 15% 15%
Revision at 6 months 15% 15% 15% 15%
Revision at 12 months 15% 15% 15% 15%
Revision at 18 months 15% 15% 15%
Revision at 24 months 10% 10% 7.5%
Revision 30 months 10% 10%
Current Release, open years Closed Closed7.5% 15% 15%

Useful Financial Resources