Thomas Miller-managed UK P&I Club reported an impressive 90 percent combined ratio for the twelve months up to 20 February, which were marred by significant losses in the marine market.

The combined ratio marked a dramatic improvement on the prior year when the club ran posted a result of 104 percent.

This year’s result enabled the club to bank $28mn in underwriting surplus to add to $43mn in investment returns.

UK P&I Club chairman Alan Olivier described the result as “very creditable” given the current soft market conditions.

“This year’s ratio means that the Club will have delivered an underwriting result at, or close to, our target breakeven 100 percent combined ratio for the past five years.”

“Once again, we experienced a decrease in claims frequency and a further reduction in the cost of our attritional claims, which was the lowest we had seen in 10 years,” he said.

“The cost of the larger claims above $500,000, which are much less predictable, was broadly in line with the experience of the past few years.”

The executive noted that it was the second year in a row that the board had elected to forgo a general rate increase for its members in the run up to the renewal. 

Thomas Miller boss Hugo Wynn-Williams said the club’s financial strength was amongst the best in the industry.