The American Club has advised members that it is making a 35% excess supplementary call on the 2022-23 policy year. This action was expected following the Club's decision to increase the release call on the year to 35% in November of last year.

The call is expected to generate an additional premium of some USD23.34 million. Still, approximately USD19.5 million of this amount was already included in the club free reserves on 31 December 2023 via the EBUB (earned but unbilled) provision in respect of the 2022 policy year in those accounts. After brokerage, it is therefore the case that free reserves will only be slightly enhanced by this decision which, in essence, converts a book debt into cash.

The premium will be due for payment in two equal instalments on 20 January 2025 and 20 April 2025.

Release calls are amended as follows:

The first four months of 2024-25 have shown a slight increase in claims activity at both the large retained and pool levels. As a result, the club is currently reporting a combined ratio of 107% on the policy year. However, it is early days yet. The 2023-24 policy year is running at a shade under 100% combined ratio.