Bermuda-based Steamship Mutual Management (Bermuda) Ltd. has reported that tonnage and surplus reserves for the Bermuda Club are at an all-time high.

It comes from the report and accounts of Steamship Mutual (Bermuda) and Steamship Mutual (Europe) to February 20, 1996, together with the report and account of the Steamship Mutual Trust and the report of club members.

Steamship Mutual Trust is the principal reinsurer of the Bermuda Club, and all club members are beneficiaries of the trust.

With estimated supplementary calls yet to be debited for open years, claims liabilities including provision for claims incurred but not reported, discounted at a rate of 6.5 percent over ten years, there are indications of a projected overall surplus of $123 million. It takes market value up $30 million from $93 million at February 1995.

Total investment return for the Steamship Mutual Trust was 15.2 percent, with an average return over the last ten years of 13.03 percent.

Assets of the club and the trust are at a record high of $505 million, including estimated supplementary calls of $74.5 million.

Club membership rose nearly five percent to 60.2 million gross tonnes by last February.