English
finance-hero

Financial

Position strengthened with successful renewal

The Club’s overall financial position remained robust, and the Solvency Coverage is unchanged at 163%.

West has announced its financial results for 2021. Thanks to the successful implementation of a planned renewal strategy built around necessary premium increases and selective de-risking, West is in a strong position to meet future challenges.

Here our Group CEO, Tom Bowsher discusses our results and renewal in more detail. 

Financial Overview

The Report and Accounts for the year ending 20 February 2022 for The West of England Ship Owners Mutual Insurance Association (Luxembourg) were approved, on 11 May 2022, by the Board who are pleased to report that, despite another year of challenging operating conditions, the Club’s technical performance materially improved and the capital position remains strong.

Here we have highlighted all of the key results and performance factors including; 
  • Operating performance
  • Investment performance
  • Financial and rating strength
  • Renewals
  • YOY comparisons, inc. pool position

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

Club's Entry


2019
2020
2021
2022f
Class 1 Owners Gross
Tonnage (pro rata - millions)
93.8
101.9
106.9
90.1
Class 1 Owners number of
vessels
3,814
4,283
4,811
4,612
Total gross premium ($m)
221.7
243.0
266.4
267.6


Policy Year Call and Release Information

As the Club's Board Meeting in May 2022, the 2019 Policy Year for Class 1 and the 2018 Policy Year for Class 2 were closed.

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

Class 1 P&I

Policy Year 2017 2018 2019 2020 2021 2022
Current Release as a % of Estimated Total Mutual Call 0% 0% 0% 10% 15.0% 15.0%
Policy Year Status Closed Closed Closed Open Open Open

Class 2 F,D&D

Policy Year 2017 2018 2019 2020 2021 2022
Current Release as a % of Estimated Total Mutual Call 0% 0% 0% 10% 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 2022 are as follows:

Release Calls

Policy Year 2018 2019 2020 2021 2022
Original release 15% 15% 15% 15% 15%
Revision at 6 months 15% 15% 15% 15%
Revision at 12 months 7.5% 7.5% 15% 15%
Revision at 18 months 7.5% 7.5% 15%
Revision at 24 months 0% 0% 10%
Revision 30 months 0% 0%
Current Release, open years Closed Closed10% 15% 15%

Useful Financial Resources