The West of England P&I Club has reported its financial results for the 2024–25 financial year, with its combined ratio slipping below waters.
The Club recorded a combined ratio of 103.9%, primarily due to increased claims from the International Group (IG) Pool. Its own claims activity remained within expected levels. The Club’s three-year average combined ratio now stands at 98.4%, the lowest recorded in eight years.
Investment performance contributed US$44 million in returns, representing a 5.6% gain — the strongest investment result for the Club in five years. This was achieved despite ongoing volatility in global financial markets.
The Club’s Free Reserve increased by 11% to US$306.1 million, and its estimated Solvency Capital Ratio stands at 190%. AM Best reaffirmed the Club’s A- (Excellent) financial strength rating.
Gross written premium for the 2025 policy year is forecast to reach close to US$400 million, up from US$347 million as of February 20, 2025. The increase reflects high Member retention and growing demand across product lines.
Annual gross premium from hull, loss of hire, delay, fixed, chartering and defence business is expected to exceed US$100 million, up from approximately US$80 million in the previous year.
Group CEO Tom Bowsher (pictured above) said the Club’s performance reflected underlying stability, despite the pressure from pool claims. He cited capital strength, underwriting discipline, and investment results as key contributors and said the Club remains confident in its strategic direction.
In the past year, the Club also pursued international expansion and product development. In November, it became the first IG Club to open an office in the United Arab Emirates, strengthening its presence in a major maritime centre.
It also completed the acquisition of Nordic Marine Insurance. The deal expands the Club’s position in Delay, Hull, and Loss of Hire markets and provides a permanent base in Scandinavia through Nordic’s Sweden-based operations.
Bowsher said the acquisition aligns with West’s goal of offering a wider product suite tailored to evolving member needs, and that the integration of Nordic supports the Club’s long-term plans.
In 2024, the Club reported a positive outcome from its 2024 renewal period across all business lines.
