J. Arnold Witte Sr., President and CEO of Donjon Marine, Co., Inc. has been named Chairman of the American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club). The Club, established in New York in 1917, is a member of the International Group of Protection and Indemnity (P&I) Clubs, a collective of 13 mutuals, which together provide P&I insurance for some 90% of all world shipping. In addition to Mr. Witte’s duties with Donjon and the American Club, Mr. Witte Sr. is a Past President of the American Salvage Association (ASA), as well as a Past President and current Vice President of the International Salvage Union (ISU).
Under Standard & Poor’s Ratings Services’ latest review, the American P&I Club’s financial strength rating has been raised a full notch from BB+ to BBB-, an investment grade, with a stable outlook. This action follows a comprehensive review of the club’s current and prospective circumstances by reference to S&P’s new criteria for the rating of insurance companies which it has now extended to 14 marine mutual insurers.
The American Club, the only mutual protection and indemnity insurer domiciled in the Americas, has revealed very positive overall results for the February 20 renewal season. Tonnage entered for owners’ P&I risks increased by over 11% year-on-year as at February 20, while that entered for defence risks grew by over 30%. There was an overall premium increase of slightly under 8% for P&I on renewing tonnage, and nearly 6% for the club’s defence class
In a move to return premium rating to levels more in line with current and expected claims exposure, allied to the need to maintain the club’s future financial strength, the directors of the American Club have advised members of rate increases for the 2002 policy year. A general increase of 12.5 percent will apply to all expiring advance call premiums as of February 20. In addition, the estimated supplementary call for 2002 will be raised from 25 percent to 40 percent of the advance call
The American P&I Club has announced a general increase of 17.5% in total premium for its P&I business for the 2004/2005 policy year following a meeting of the directors in Copenhagen. Any increase in the cost of the International Group’s reinsurance programme, which has not yet been determined, will also apply. As usual, and in line with other mutual clubs, individual members’ premium ratings will be adjusted in accordance with their loss records.
TT Club, established to fill a gap in insurance as the freight container revolutionized trade, celebrates 45 years dedicated service to the transport and logistics sector. In 1956, the first strengthened containers were loaded onto a spar deck of the converted tanker, Ideal X. This marked the fulfilment of a dream for American trucker Malcom McLean who had, since 1937, been working on how to reduce the long waiting hours for dockers to stow or unload his vehicles onto or off ships
The American P&I Club has updated its advice to members on the handling of steel cargoes. It has done so in consequence of some recent cases where the absence of pre-loading surveys increased the cost of steel cargo claims on discharge. It first raised the problem in a March 2002 circular, making extensive recommendations so as to minimise the prospect of spurious steel cargo claims. In a new circular, Shipowners Claims Bureau, Inc
Captain John C. Timmel, president and executive director of the American Victory Mariners Memorial & Museum Ship and harbor pilot with the Tampa Bay Pilots Association, has been named "International Maritime Person of the Year" by the Propeller Club of the United States. "It is an honor to receive such a prestigious award from my peers that acknowledges not only my efforts, but also the efforts of many," said Timmel.
Dr Matthias Reith, director of German bulk carrier owner Orion Schiffahrtsgesellschaft Reith & Co of Hamburg, helped the North of England P&I club celebrate 21 years of working with the German shipping industry today. Speaking a major industry reception organized by the club at the Zipplehaus restaurant in Hamburg, Dr Reith said 'In 1982 Orion became the first company from Germany to join the North of England. The club now insures 36 fleets in Germany and works with 11 of the German-based
The Board of TT Club has announced its financial year 2002 results. The Club posted a full year after tax surplus of $10.7 million (from a 2001 loss of US$40.2 million), supported primarily by a positive technical underwriting result of US$6.6 million (an improvement of US$35.5 million) and an increase in investment income. As a result the Club's free reserves (undiscounted) rose by 27 percent to US$50.2 million.
The UK P&I Club board has agreed at its meeting on October 27, 2014 that the general increase for the 2015 renewal will be 6.5%. The premium rating increase is in addition to any change in the cost of the international group reinsurance premium for 2015 for the mutual members
Nonprofit maritime trade association American Maritime Safety (AMS) held its 25th Annual Membership Meeting at The Yale Club of New York City on Thursday, October 23, honoring five member companies with Maritime Safety Awards in recognition of their dedication to promoting safe vessel navigation
The 180 million GT, ‘A' rated North P&I Club is advising shipowner Members to take great care to protect the health of their crew members when calling at ebola-affected ports in west Africa. In the latest issue of its loss prevention newsletter Signals
On November 13, the newly formed New York Maritime Consortium, a coalition of leaders from New York Maritime Inc. (NYMAR), the Society of Maritime Arbitrators (SMA), the Maritime Law Association (MLA) and the Association of Shipbrokers and Agents (ASBA)
The Shipowners’ Club has released its half yearly results as at 20th August for the 2014/15 year, and reports a strong underwriting performance with a significant increase in free reserves over the same period last year. Highlights* include Earned premiums US$120.3M
The running of the global regime for compensation from oil pollution from ships may be under threat, due to a decision by governments to wind up the 1971 International Oil Pollution Compensation Fund (IOPCF), says the International Chamber of Shipping (ICS)
The TT Club, an international transport and logistics insurance provider, released a trading update for the period 1 January - 31 August 2014. Charles Fenton, Chief Executive of the TT Club, said: “Low claim levels have continued through from 2013 which have contributed to TT
Tom Allegretti, Chairman of the American Maritime Partnership (AMP), the voice of the domestic maritime industry, today highlighted the continued renaissance of the nation’s maritime sector, particularly its robust response to meet new water transportation demands created by the surge in
Norway's Aker ASA may decide to merge or otherwise restructure two listed units that have seen strong benefits from the U.S. shale oil energy boom, Aker's Converto investment vehicle said in a statement released late on Monday. Converto, the top owner of both Aker Philadelphia Shipyard and
Travel Weekly magazine announced the recipients of its 2014 Magellan Awards, and Holland America Line received eight of the prestigious honors. The line won five gold awards in the categories Restaurant Design for Canaletto Small Plates
Huntington Ingalls Industries' Newport News Shipbuilding division partnered with the American Heart Association to teach shipbuilders how to perform hands-only CPR during a demonstration Thursday. The American Heart Association provided the shipyard a mobile CPR unit for on-site
The US Pollution Risks publication, recently published for its members by the UK P&I Club, compiles summaries of all the Federal and state requirements on liability, COFR requirements and vessel contingency plan requirements. Legal Briefings provide an overview of certain laws and
Congressman honored for support of domestic maritime industry. Rep. Bill Shuster (R-Pa.) this week received the 2014 Champion of Maritime Award from the American Maritime Partnership (AMP), the voice of the domestic maritime industry
The fourth Houston Shipping and Offshore Conference has announced the final program for its Friday, October 10 conference at the Houstonian Hotel, Club & Spa, 111 N. Post Oak Lane, Houston. This year’s program is centered on the theme
The U.S. House Subcommittee on Coast Guard and Maritime Transportation today heard first hand about America’s booming domestic maritime industry from Mark Tabbutt, Chairman of the Board of Saltchuk, one of the country’s most recognized transportation and distribution companies