Jahresabschlussberichte

Dear members

I am delighted to report that during the year ended 31^st May 2026 (Club year “2025/26”), the ITIC group (ITIC and its EEA subsidiary ITIC Europe) combined with its mutual reinsurer Transport Intermediaries Mutual Insurance Association Limited (“TIMIA”), has again produced a strong surplus of US$31.7m after paying US$28.3m in continuity credit,  an increase on the US$18.8m credit paid in the previous year. 

The continuity credit paid to renewing members, now to be distributed for the 32^nd consecutive year, effectively reduces the cost of your insurance, and is one of the many significant benefits of being an insurance mutual. 

Your board, at its meeting in March 2026, reviewed the level of ITIC’s free reserves, which are strong and significantly in excess of solvency requirements, and determined that for all renewals in the 2026/27 year, they would pay an enhanced continuity credit as follows: 

• For one-year policies, a credit of 35% of the premium; 
• For two-year policies, a credit of 45% for year one and at least 30% for year two; and 
• Those in the second year of a policy, begun in 2025/26, will receive a credit of 45%, which was substantially more than the original 30% promised by the board at its meeting in March 2025.

This reflects ITIC’s commitment to distributing excess capital to its members. Indeed, since the continuity credit payments began, I am pleased to report that more than US$252m has been returned to you, the members. 

The risk for all claims up to US$1.0m continues to be retained by ITIC, as well as an additional annual retention of US$2.0m in excess of the primary US$1.0m across the claims’ portfolio. We are also comfortable that the reinsurance in place reduces the risks of large claims to an acceptable level at a reasonable cost. 

ITIC’s gross earned premium increased in 2025/26 by 3.8% and we continue to retain approximately 97% of members at renewal each year; an indication of how highly our members view the quality of service and cover given. 

I am also pleased to advise that the combined free reserves of the ITIC group and TIMIA, were US$320.7m as at 31^st May 2026.

Owing to the significant strength of our reserves, and in common with past years, the board has again also closed the preceding policy year; meaning that all years to the end of 2024/25 are now closed. ITIC has never requested additional premium for any policy year.

ITIC’s financial strength puts it in an enviable position to be able to further enhance its ability to service its membership. 

In Europe, ITIC’s EEA subsidiary, ITIC Europe, has firmly established itself as the insurer for our European membership. What began as a response to regulatory change has now become a permanent and valuable part of the Group. The team of ITIC employees in Limassol, Cyprus, enables us to serve European members directly whilst maintaining the specialist expertise, service standards and mutual ethos that have always distinguished ITIC. 

Building on this success, ITIC is in the process of establishing a permanent base in Singapore, subject to obtaining the necessary regulatory approvals. Singapore is a significant centre for maritime, aviation and transport services and your board believe that developing a local presence will further strengthen ITIC’s ability to support members, brokers and industry partners across Asia. Together with ITIC Europe, this represents a significant milestone in the continued evolution of ITIC from a London-based mutual into a truly international organisation, whilst remaining firmly committed to the specialist markets and personal service upon which ITIC’s reputation has been built.

I am also pleased to report on the continued growth and development of ITIC's aviation business. Over recent years, aviation has evolved from a specialist niche within ITIC into an increasingly important and established line of business. The recruitment of additional aviation expertise, continued growth in membership and increasing recognition of ITIC's capabilities within the aviation market demonstrate the transferability of ITIC’s professional indemnity experience and the value of its mutual approach. Aviation now forms a key component of the Club's long-term growth strategy and further diversifies the membership which ITIC serves.

It was a pleasure to meet so many of you at ITIC’s centenary celebration in London in September 2025. Over 500 guests were in attendance, from as far afield as Buenos Aires, Santos, Tauranga, Singapore, Taipei, Istanbul, Louisiana, Bucharest, Barcelona and Lima, reflecting ITIC’s truly global footprint and the trust placed in ITIC from our members and brokers. We were also delighted to host a dinner on the day of the 100^th anniversary of ITIC’s first meeting, 2^nd December 2025, for the 25 members of ITIC who have been insured with us since 1925.

During 2025/26, ITIC continued to demonstrate that its contribution to the industries it serves extends well beyond the provision of insurance. ITIC remains actively involved in a wide range of industry associations, technical working groups, conferences and educational events around the world. Our continuing participation in BIMCO drafting projects and contribution to discussions concerning contractual standards, regulatory developments and industry best practice reflect the high regard in which ITIC's expertise is held internationally. The experience gained through assisting members with claims, disputes and contractual challenges allows ITIC to play an influential role in the development of the sectors it serves and to share valuable lessons for the benefit of the wider industry. In November 2025, ITIC hosted its inaugural “mock mediation” in Limassol, Cyprus, drawing a large and enthusiastic audience who witnessed the live mediation of a dispute between a shipowner and a ship manager. In April 2026, the CEOs and legal counsel representing the world’s 10 largest ship managers – and 45% of the global managed blue-water fleet – gathered in Singapore for an ITIC forum, where ITIC facilitated discussion on the current pressing commercial, legal and operational issues impacting this key sector of our membership. 

Other events included claims seminars for members of the Hellenic Shipbrokers’ Association in Athens, the Maltese Shipbrokers’ Association in Malta, International Institute of Marine Surveyors, FONASBA, Barcelona Ship Agents Association, Royal Institution of Naval Architects and the Cyprus Shipping Association in Cyprus. 

ITIC regularly writes risk management and loss prevention pieces for various publications such as Ship Management International, The Naval Architect (RINA) and Shipping Network (ICS).

In the aviation sector, ITIC continues to grow its portfolio and has made presentations at a number of prominent aviation conferences over the past year.  ITIC’s standing in the general aviation sector was recently enhanced by the appointment of Melanie Daglish, ITIC’s Director of Aviation, to the Board of the BBGA (British Business and General Aviation Association) in March 2026. 

ITIC’s website contains a wealth of information including on-demand webinars, podcasts and templated standard trading conditions and contract wordings. There are also dedicated sections comprising the latest sanctions updates and guidelines on fraud and its avoidance in your business. We would encourage you all to use ITIC’s website and to report back to us if there is anything that you would like to see which is not already included.

The insurance, claims, contractual advice and practical help that we provide to members, advisers, brokers and introducers around the world, through our expert and highly experienced team, continues to set us apart. 

ITIC reports fully to Solvency UK standards and is regulated by the Prudential Regulation Authority and the Financial Conduct Authority. Details of ITIC’s solvency position can be found in the Solvency and Financial Condition Report, which is available on the ITIC website.

Finally, I would like to thank the boards of ITIC, ITIC Europe and TIMIA, as well as our truly dedicated executive team who have again worked so hard to deliver an outstanding service, the brokers who we work with for their support and you, our members, who place trust in us as your dedicated specialist insurer for professional indemnity insurance.

The accounts and financial highlights for the 2025/26 year will be available on the website (www.itic-insure.com) before the AGM on 24^th September 2026. 

Jeff Woyda

ITIC Chair