Club performance diverges
The report highlights significant divergence in club performance. Gard remains one of the few clubs to post a five-year underwriting surplus, supported by diversified operations, while Britannia and Steamship have made substantial capital distributions despite technical losses. The American and Japan Clubs were among the few to see claims fall in 2024-25, while others, including London, Britannia, and NorthStandard, saw sharp deteriorations.