This report does not constitute a rating action. This follows two consecutive years of strong underwriting results. The robust investment performance offset underwriting losses, with the club reporting an investment return of $94.6 million. As a result, net income totaled $39.5 million before accounting for capital returns. Ahead of the February 2025 renewals, Steamship announced a 5% general increase and a capital distribution of $42.8 million to members--equivalent to 12.5% of the 2024/2025 mutual protection and indemnity (P&I) premium for renewing vessels. The club achieved an increase equivalent to 3.1% in mutual premium. The frequency and severity of pool claims have risen in 2025, with many P&I clubs reporting underwriting losses. This mirrors the challenging conditions observed in fiscal 2020
