FINANCIAL HIGHLIGHTS FINANCIAL STRENGTH


• Capital and reserves increased to $478 million


• Capital and reserves per ton increased to $4.5


• Standard and Poor’s rating of A- (Stable)


• Capital adequacy per the S&P capital model comfortably in the AA range


• Total assets $1.6 billion


Capital and reserves for financial years 2006–2011


200 300 400 500


100 0


Free reserves


2005/6 2006/7 2007/8 2008/9 2009/10 2010/11 Hybrid capital


0 1 2 3 4 5


Reserves / Ton (right axis)


100 150 200 250


50 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Cargo Illness UNDERWRITING DISCIPLINE


• Combined ratio of 98% beats target of 100%


• 65% of all entered vessels below 10 years of age


• Discipline maintained on entry criteria with quotes refused on 5 million GT


• 25 new Members in the year


Combined ratio for financial years 2006–2011


100% 120% 140%


20% 40% 60% 80%


2005/6 2006/7 2007/8 2008/9 2009/10 2010/11


Reported combined ratio


2


Excluding supplementary calls


Target 100


20 40 60 80


-80 -60 -40 -20 0


2005/6 2006/7 2007/8 2008/9 2009/10 2010/11 $ return % return


Financial year investment performance


-8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12%


Cruise curtailment Injury FCOO Charterers Pool INVESTMENT PERFORMANCE


• Return of 6.16% for the year, versus a benchmark 5.97%.


• Strong returns from each asset class — equities, bonds and absolute return funds


• Portfolio positioned conservatively for the future


CLAIMS POSITION


• 2010 policy year performing broadly in line with 2009


• Prudent approach to reserving maintained particularly on the 2010 policy year


• 2009 encouraging development within prudent reserve set last year


• Frequency of claims remains low


• Loss record within the Pool maintained so reducing future pooling percentages


Net notified claims at 12 months for policy years 2001–2010


$


$m


$ m


$m


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