West reports record free reserves and combined<\/p>\n
Marine Insurance P&I Club News<\/p>\n
West of England P&I Club (West) is pleased to report another year of strong financial performance, underpinned by disciplined underwriting, robust capital management, and the continued trust and support of its Members.<\/p>\n
The combined ratio for the 2025-26 financial year was 98.0%, an improvement on the prior year\u2019s 103.9%. The Club\u2019s own claims were below their expected position, and the share of Pool claims was close to the budgeted level, assisted by West\u2019s recent positive Pool performance.<\/p>\n
The Board\u2019s primary operating performance measure, a three-year average combined ratio below 100%, has again been met at 98.8%, demonstrating consistent and strong technical performance.<\/p>\n
West\u2019s investment portfolio delivered a return of 7.9%, generating USD 65.0m, its strongest investment result in over ten years. With all asset classes contributing positively, this performance, together with the underwriting surplus, has driven further improvement across all capital measures.<\/p>\n
The Club\u2019s free reserve increased by 23% to USD 376.8m, the highest level the Club has ever reported. The Solvency Capital Ratio is estimated at 195%, providing a strong foundation to continue to develop the Club and for West to uphold its AM Best A- (Excellent) rating.<\/p>\n
Tom Bowsher, Group CEO, West P&I<\/p>\n
Gross earned premiums for 2025-26 reached USD 409.3m, up 18% on the prior year. This growth reflects high levels of Member retention and strong demand across West\u2019s full product range as well as the successful full acquisition of Nordic Marine Insurance in April 2025, building on West\u2019s initial 2020 investment and strengthening the Club\u2019s offering in the Fixed and Hull markets.<\/p>\n
\u201cWe enter the new Policy Year in a very strong position with a combined ratio of 98%, record free reserves, and our best investment return in over a decade reflecting the consistent approach we have taken to underwriting discipline and capital management. We remain fully focused on ensuring West continues to support its Members in these challenging times,\u201d commented West\u2019s Group CEO, Tom Bowsher.<\/p>\n
For additional insight into West\u2019s 2025-26 financial results, you can refer to his recent video statement: West reports record free serves and combined ratio of 98.0%<\/p>\n
West\u2019s continued progress is built on the trust and partnership of our Members, brokers, reinsurers and staff. The Club thanks all those who make West what it is today and looks forward to another year of delivering strength, service and support.<\/p>\n
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