Financial Strength
Independence is key
The UKDC is focused solely on the provision of legal expenses insurance to the maritime industry. As at 20th February, 2009 the UKDC free reserves stood at £19,873,000.
The UKDC is regulated in the UK by the FSA as a legal expenses insurer.
The UKDC is in a unique position when compared to its competitors.
The UKDC is an influential provider of legal expenses insurance for disputes relating to ships by shipowners and charterers and has seen significant growth in the number of ships entered over the past 5 years.
At 20th February 2009, the Association's Report and Accounts showed assets totalling £54.04 million, and free reserves of £19.8m. The Association remains in a strong financial position to meet its liabilities, and its current and future regulatory solvency requirements. Set out below is a summary of the financial position to 20th February 2009:
