Shipowners’ Club sees improved 2011 results

The Shipowners’ Club reported a combined ratio of 85% at trading year ending (Feb. 20, 2011), marking a strong improvement from 2010’s combined ratio of 101.5%.The club saw a 13% increase in gross earned premium, up to $196.8 million at trading year ending February 2011. The club’s overall surplus increased to $52.9 million from $39.5 million in 2010. Claims incurred, net of reinsurance, decreased from $117.8 million in 2010 to $107.2 million in 2011.Operating expenses increased about 6% to $40.5 million in 2011 from $34.4 million in 2010. The club has regional offices in Vancouver, Singapore, London and Luxembourg.