Steamship

S&P Rating: A (Stable)

Combined Net Ratio	125%	Investment Return	4.8%	Entered Tonnage	177m GT
Underwriting Result	-USD 59m	Overall Result	-USD 4m	Free Reserves	USD 511m

Vessel Type

Tonnage Trading Area

Financials (USD)	2020 (m)		2021 (m)
Gross Premium	309		284
Reinsurance Premium	(48)		(51)
Net Premium		260		234
Claims	(219)		(253)
Operating Expenses	(41)		(40)
Total Expenditure		(260)		(293)
Underwriting Result		0.5		(59)
Investments	67		54
Tax	(3)		1
Overall Result		65		(4)

CNR		99.8%		125%

US$	2015	2016	2017	2018	2019	2020	2021
• Free Reserves ('000)	376	440	510	516	467	515	511
• Entered Tonnage (m)	120	129	151	158	160	156	177

Gross Tonnage