West

S&P Rating: A- (Negative)

Combined Net Ratio	140%	Investment Return	4.6%	Entered Tonnage	106m GT
Underwriting Result	-USD 80m	Overall Result	-USD 47m	Free Reserves	USD 291m

Vessel Type

Tonnage Trading Area

Financials (USD)	2020 (m)		2021 (m)
Gross Premium	222		243
Reinsurance Premium	(40)		(41)
Net Premium		182		202
Claims	(157)		(240)
Operating Expenses	(38)		(43)
Total Expenditure		(195)		(282)
Underwriting Result		(13)		(80)
Investments	46		35
Tax	(1)		(2)
Overall Result		31		47

CNR		107%		140%

US$	2015	2016	2017	2018	2019	2020	2021
• Free Reserves ('000)	244	277	307	308	306	338	291
• Entered Tonnage (m)	68.3	73.4	83.6	90.5	93.9	101.5	106

Gross Tonnage