New York, July, 2024 – The American Club has released its Annual Report and Accounts for 2023. As the unprecedented disruptions of the recent past began at last to subside, 2023 was a year of encouraging transition for the American Club:
– Tonnage and premium grew considerably and pricing power improved.
– Claims for its Members’ own account moderated, although exposure to other clubs’ Pool losses increased from the unusually low levels of the previous year.
– Solid investment returns were achieved, as markets recovered from the troughs of 2022.
– Loss prevention and sustainability initiatives continued energetically within the realm of a post-pandemic, seafarer-centric and evolving claims environment.
– Amidst continuing and new geopolitical turmoil, the Club’s compliance processes adapted and met the ever-increasing challenges associated with navigating the multi-jurisdictional sanctions environment.
– Eagle Ocean Marine made progress, consolidating its policy of careful risk selection coupled with prudent rates of premium. Supplementary calls were levied to fortify the Club’s finances.
While onerous regulatory demands and geopolitical uncertainties continue to complicate commerce, the Club looks to the future with optimism, having experienced a positive 2024 renewal season, despite the headwinds of an S&P rating downgrade and other challenges. As its steady transition into calmer operating conditions gains ground, the Club remains focused on its enduring mission to provide exceptional support to its Members and Insureds in these turbulent times
Access the full report.
The American Club’s Report and Accounts for 2023
July 5, 2024 by