West have released their renewal circular for 2025/26 with the highlights being a 5% GI for owned mutual entries and premiums as expiring for owned mutual FDD entries. This is a result of an anticipated combined ratio of just over 100% at year end. Changes to the International Group Reinsurance rates will be passed on to Members as usual.
Non-Mutual entries in the Club will not be subject to the GI but will instead have terms and premiums adjusted in line with their own individual record, risk exposure and reinsurance cost.
The circular references higher claims than last year but still within their budgeted figures. As with other Club circulars they reference the increase in number and value of pool claims this year, although the impact of this is limited due to the Club’s own record resulting in a low share of pool claims currently.
The Club had a good year with regard to investments with a 5.1% return as at 20 October 2024. This has resulted in an anticipated growth in Free Reserves to around USD 320m, up from USD 276m last year.
Release calls have been set as below going forward:
P&I
2022/23 – 7.5%
2023/24 – 15%
2024/25 – 15%
2025/26 – 15%
FD&D
2021/22 – 0%
2022/23 – 7.5%
2023/24 – 15%
2024/25 – 15%
2025/26 – 15%
The full circular can be found below:
No.11 2024/25 – Class 1 (P&I) and Class 2 (FD&D) Renewals – 2025/2026
