level of capital adequacy, the AA range on S&P’s capital model.
In addition to building the Internal Model, the Club has undertaken detailed work with an independent firm of actuaries to develop its underwriting pricing, which complements the technical loss prevention activities.
Risk and capital management is not solely about statistical analysis and complex modelling. It also relies on a robust governance framework and high quality management information on which to base decisions and prepare detailed analysis. This Report of Directors highlights some of the higher level changes to the Club’s governance during the year including the extension of the remit of the Audit
STANDARD & POOR’S
The Club is currently rated A- (Stable) by Standard & Poor’s (S&P). The Club’s capital adequacy as measured by the S&P capital model is within the AA range.
Committee to cover risk matters in addition to its audit responsibilities. The Club has ensured that it has augmented the breadth and depth of experience of its Board members with experts in the fields of investment, reinsurance, finance, accounting and insurance matters. In addition the Managers continue to strengthen their governance structure to be able not only to run the Club operations on a day to day basis, but also support the Board in their deliberations on risk and capital matters. The Club works closely with industry experts in the actuarial and investment fields and also participates in industry forums both inside and outside of the P&I sector to ensure that it is following best practice in what is still an emerging area.
18
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53