Financial
Strong Financial Results Strengthen Capital
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The Club is pleased to announce a strong financial performance for the 2023-24 financial year, achieving a 94.5% combined ratio. This is the third year in a row of improvement, a result which represents the Club’s best combined ratio since 2017, and one that is significantly ahead of the recent International Group combined ratio average of 114%.
Financial update video 2024
Report & Accounts 2023
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
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SFCR 2023 PDF (2 MB)
More information about the latest Solvency & Financial Condition Report
Visit pageClub's Entry
| 2020 | 2021 | 2022 | 2023 | 2024 f | |
Class 1 Owners Gross | 101.9 | 106.8 | 92.4 | 97.2 | 99.5 |
Class 1 Owners number of vessels | 4,282 | 4,804 | 4,634 | 4,824 | 4,890 |
| Total gross premium ($m) | 243.0 | 266.5 | 293.2 | 325.6 | 355.0 |
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 | 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 | 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 | Closed | 7.5% | 15% | 15% |