The shortfall is the second consecutive annual loss for the group, following a $7.5m drop in reserves in the previous year.
Along with the rest of the International Group Clubs, Steamship Mutual's year was marked by the worst pool experience on record, while claims within the club also outpaced predictions.
"During 2012 the club experienced fewer claims in the layers below $250,000, and up to the club retention as compared to the preceding year. However the average cost of claims was higher, in particular for claims above $1.8m, and the club had two claims on the Pool as opposed to one," explained head of claims, Colin Williams.
"Net estimated claims for the 2012/13 policy year... are $247.8m, 6.7% above the comparable figure for the 2011/12 policy year at the same point," he added.
The combined ratio of losses and expenses to premium earnings stood at 112.5% for 2012/13, bringing the clubs three year ratio up to 106.4%.
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