Following the Club’s Circular dated 25 June 2021 on Annual Report and Accounts for 2020, the Board has determined that the premium earned but unbilled (EBUB) for 2018 and 2019, should now be billed in the form of supplementary calls:

2018: 15% supplementary call on current ETP

2019: 35% supplementary call on current ETP

With regards to 2020 Policy year, the Club expects that a supplementary call will be required in due course, but such decision will be formalized in 2022.

In addition, the Club has announced that they will be seeking 12.5% General Increase on P&I and FD&D premium, for mutual and fixed entries. Terms and conditions, including deductibles and rates will be further adjusted as required according to Members’ individual performance. The Club will pass on the cost of the IG reinsurance programme to Member and will also adjust the rates to reflect the Club’s own reinsurance costs.

Release calls are set out as follows:

2018/2019: Nil

2019/2020: 40% of P&I ETP and 20% of FD&D ETP

2020/2021: 40% of P&I ETP (increased from 20%) and 20% of FD&D ETP

2021/2022: 20% of P&I ETP and 20% of FD&D ETP

Full details of the Club’s position are available in the Circular.