American

S&P Rating: BBB- (Stable)

Combined Net Ratio	112%	Investment Return	5.4%	Entered Tonnage	21 GT
Underwriting Result	-USD 11m	Overall Result	-USD 4m	Free Reserves	USD 72m

Vessel Type

Tonnage Management Domicile

Financials (USD)	2020 (m)		2021 (m)
Gross Premium	141		113
Reinsurance Premium	(28)		(23)
Net Premium		113		91
Claims	(71)		(59)
Operating Expenses	(44)		(44)
Total Expenditure		(115)		(102)
Underwriting Result		(2)		(11)
Investments	15		7
Tax	(0.0)		(0.0)
Overall Result		13		(4)

CNR		106%		112%

US$	2015	2016	2017	2018	2019	2020	2021
• Free Reserves (m)	56	51	58	45	54	76	72
• Entered Tonnage (m)	18	16	17	19	21	19	21

Gross Tonnage